FLEX LNG (FLNG) 20-F 17 Mar 22 2021 FY Annual report (foreign) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2021shares
Entity Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38904
Entity Registrant Name	FLEX LNG Ltd.
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	Par-La-Ville Place
Entity Address, Address Line Two	14 Par-La-Ville Road
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM08
Entity Address, Country	BM
Title of 12(b) Security	Ordinary Shares, par value $0.10 per share
Trading Symbol	FLNG
Security Exchange Name	NYSE
Common Stock, Shares, Outstanding	53,130,584
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001772253
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Entity Information [Line Items]
Entity Address, Address Line One	Par-La-Ville Place
Entity Address, Address Line Two	14 Par-La-Ville Road
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM08
Entity Address, Country	BM
Contact Personnel Name	James Ayers, Company Secretary
City Area Code	441
Local Phone Number	295 69 35
Contact Personnel Fax Number	295 3494

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Firm ID	1572
Auditor Location	Oslo, Norway
Auditor Name	Ernst & Young AS

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Vessel operating revenues	$ 343,448	$ 164,464	$ 119,967
Operating expenses
Voyage expenses	(3,334)	(3,697)	(6,284)
Vessel operating expenses	(61,237)	(36,999)	(22,423)
Administrative expenses	(7,887)	(6,302)	(7,506)
Depreciation	(69,833)	(41,846)	(28,747)
Operating income	201,157	75,620	55,007
Other income/(expenses)
Interest income	41	327	1,073
Interest expense	(56,221)	(41,805)	(33,875)
Write-off of debt issuance costs	(1,209)	0	(3,388)
Gain/(loss) on derivatives	18,399	(25,182)	(1,555)
Other financial items	137	(771)	(113)
Income before tax	162,304	8,189	17,149
Income tax expense	(99)	(84)	(182)
Net income	$ 162,205	$ 8,105	$ 16,967
Earnings per share:
Basic earnings per share (in dollars per share)	$ 3.04	$ 0.15	$ 0.31
Diluted earnings per share (in dollars per share)	$ 3.04	$ 0.15	$ 0.31

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income for the year	$ 162,205	$ 8,105	$ 16,967
Other comprehensive income/(loss)	0	0	0
Total comprehensive income	$ 162,205	$ 8,105	$ 16,967

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 200,652	$ 128,878
Restricted cash	518	84
Inventory	6,453	3,656
Receivables due from related parties	228	166
Other current assets	17,040	25,061
Total current assets	224,891	157,845
Non-current assets
Derivative instruments	5,862	109
Vessel purchase prepayments	0	289,600
Vessels and equipment, net	2,342,165	1,856,461
Other fixed assets	3	5
Total non-current assets	2,348,030	2,146,175
Total Assets	2,572,921	2,304,020
Current liabilities
Current portion of long-term debt	(81,472)	(64,466)
Derivative instruments	(4,764)	(23,434)
Payables due to related parties	(348)	(312)
Accounts payable	(2,016)	(3,373)
Other current liabilities	(42,987)	(40,247)
Total current liabilities	(131,587)	(131,832)
Non-current liabilities
Long-term debt	(1,551,947)	(1,337,013)
Total non-current liabilities	(1,551,947)	(1,337,013)
Total liabilities	(1,683,534)	(1,468,845)
Equity
Share capital (2021: 54,110,584 shares issued (2020: 54,110,584), par value $0.10 per share)	(5,411)	(5,411)
Treasury shares at cost (December 31, 2021: 980,000 shares repurchased (December 31, 2020: 202,797))	9,449	1,661
Additional paid in capital	(1,189,060)	(1,190,333)
Accumulated deficit	295,635	358,908
Total equity	(889,387)	(835,175)
Total Liabilities and Equity	$ (2,572,921)	$ (2,304,020)

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Shares issued (in shares)	54,110,584	54,110,584
Par value (in USD per share)	$ 0.10	$ 0.10
Treasury stock (in shares)	980,000	202,797

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income	$ 162,205	$ 8,105	$ 16,967
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	69,833	41,846	28,747
Write-off of debt issuance costs	1,209	0	3,388
Amortization of debt issuance costs	4,937	2,398	1,149
Share-based payments	(1,273)	284	324
Foreign exchange loss/(gain)	179	1,246	(42)
Change in fair value of derivative instruments	(24,423)	21,575	1,749
Other	(4,404)	4,804	8
Changes in operating assets and liabilities, net:
Inventory	(2,797)	(970)	(1,771)
Trade accounts receivable, net	(1,220)	1,375	(5,425)
Accrued income	(981)	(3,490)	(510)
Prepaid expenses	8,857	(8,556)	(2,270)
Other receivables	1,365	(2,599)	(893)
Receivables due from related parties	(62)	149	1,405
Payables due to related parties	36	216	(110)
Accounts payable	(1,357)	2,791	(10)
Accrued expenses	(1,406)	7,086	472
Deferred charter revenue	1,532	12,766	10,016
Other current liabilities	2,844	48	(6)
Provisions	(230)	230	(1,662)
Net cash provided by operating activities	214,844	89,304	51,526
Investing activities
Purchase of other fixed assets	(4)	(3)	(10)
Vessel purchase prepayments	0	(125,800)	0
Purchase of vessels and equipment	(265,930)	(565,590)	(291,532)
Net cash used in investing activities	(265,934)	(691,393)	(291,542)
Financing activities
Purchase of treasury shares	(7,788)	(1,661)	0
Repayment of long-term debt	(72,186)	(35,600)	(29,456)
Drawdown of revolving credit facilities	340,266	48,684	0
Repayment of revolving credit facilities	(297,895)	(49,342)	(50,000)
Prepayment of long-term debt	(120,313)	0	(294,000)
Proceeds from long-term debt	383,290	669,600	697,879
Financing costs	(3,339)	(17,542)	(5,014)
Cash dividends paid	(98,932)	(10,818)	(5,411)
Net cash provided by financing activities	123,103	603,321	313,998
Effect of exchange rate changes on cash	195	(1,368)	19
Net increase/(decrease) in cash, cash equivalents and restricted cash	72,208	(136)	74,001
Cash, cash equivalents and restricted cash at the beginning of the period	128,962	129,098	55,097
Cash, cash equivalents and restricted cash at the end of the period	201,170	128,962	129,098
Supplemental Information
Interest paid	(49,002)	(37,075)	(35,955)
Income tax paid	$ (145)	$ (176)	$ (58)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Share capital	Treasury shares	Additional paid in capital	Accumulated deficit
Balance at beginning of year (in shares) at Dec. 31, 2018		54,099,929
Balance at beginning of year at Dec. 31, 2018		$ 5,410	$ 0	$ 1,189,665	$ (367,751)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)		10,655
Shares repurchased (in shares)		0
Shares issued		$ 1		125
Shares repurchased			0
Share-based payments				259
Net income	$ 16,967				16,967
Dividends paid					(5,411)
Balance at end of year (in shares) at Dec. 31, 2019		54,110,584
Balance at end of year at Dec. 31, 2019	839,265	$ 5,411	0	1,190,049	(356,195)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)		0
Shares repurchased (in shares)		(202,797)
Shares issued		$ 0		0
Shares repurchased			(1,661)	0
Share-based payments				284
Net income	8,105				8,105
Dividends paid					(10,818)
Balance at end of year (in shares) at Dec. 31, 2020		53,907,787
Balance at end of year at Dec. 31, 2020	835,175	$ 5,411	(1,661)	1,190,333	(358,908)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)		0
Shares repurchased (in shares)		(777,203)
Shares issued		$ 0		0
Shares repurchased			(7,788)	0
Share-based payments				(1,273)
Net income	162,205				162,205
Dividends paid					(98,932)
Balance at end of year (in shares) at Dec. 31, 2021		53,130,584
Balance at end of year at Dec. 31, 2021	$ 889,387	$ 5,411	$ (9,449)	$ 1,189,060	$ (295,635)

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
General	GENERALFLEX LNG Ltd. ("FLEX LNG" or the "Company") is a limited liability company incorporated in Bermuda. The Company is currently listed on the Oslo and New York Stock Exchanges under the symbol "FLNG". The Company's activities are focused on seaborne transportation of liquefied natural gas ("LNG") through the ownership and operation of fuel efficient, fifth generation LNG carriers. As of December 31, 2021, the Company has 13 LNG carriers in operation (our "Fleet"). Our Fleet consists entirely of modern, next generation, large LNG carriers with two stroke engines: nine vessels with M-type Electronically Controlled Gas Injection ("MEGI"); and four vessels with Generation X Dual Fuel propulsion systems. Three of our MEGI vessels are equipped with Full Re-liquefaction Systems and four of our MEGI vessels are equipped with Partial Re-liquefaction Systems, which reduces the active boil off rates achieved.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis for Preparation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. Reporting Currency and Presentation Currency The Company's presentation and reporting currency is USD. The Company's primary economic environment is the international shipping market in which revenues are primarily settled in USD. The Company's most significant assets and liabilities are also paid for and settled in USD. Our expenses, however, are in the currency invoiced by each supplier. Foreign currency transactions are translated into the functional currency at the exchange rate in effect at the date of the transaction. Monetary items are translated at the period end exchange rate, non-monetary items that are measured at historical cost are translated at the rate in effect on the original transaction date, and non-monetary items that are measured at fair value are translated at the exchange rate in effect at the time when the fair value was determined. Foreign exchange gains and losses resulting from the settlement of such cash transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Basis of Consolidation The Company's consolidated financial statements comprise FLEX LNG and its directly wholly owned subsidiaries. Details on the Company's significant subsidiaries are provided in Note 4. Intra-group transactions and balances, including internal profits and unrealized gains and losses, have been eliminated upon consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates and assumptions impact, the following: fair value of derivative instruments; initial dry-dock cost; vessel impairment assessment; and the expected useful lives of our vessels. Actual results could differ from those estimates. Fair Value Measurements The inputs to the fair value calculations are based on observable market data when available, but where this is not achievable; a degree of judgment is required in establishing fair values. Changes in these assumptions could impact the reported fair value, as detailed in Note 16. Segment Reporting Our chief operating decision maker ("CODM") measures performance based on our overall return to shareholders based on consolidated net income. Although separate vessel financial information is available, the CODM internally evaluates the performance of the Company as a whole and not on the basis of separate business units or different types of charters. As a result, the Company has determined that it operates as one reportable segment. Since the Company's vessels regularly move between countries in international waters over many trade routes, it is neither practical nor meaningful to assign revenues or earnings from the transportation of international LNG by geographic area. For the year ended December 31, 2021, we derived our operating revenues from fifteen customers, with our top four customers accounting for 20.8%, 16.6%, 15.3% and 13.4% of our consolidated revenues, equivalent to 66.1% of our consolidated revenues. During this period, no other customer accounted for over 10% of our consolidated revenues. For the year ended December 31, 2020, we derived our operating revenues from fifteen customers, with our top three customers accounting for 28.6%, 28.6% and 11.9% of our consolidated revenues, equivalent to 69.1% of our consolidated revenues. During this period, no other customer accounted for over 10% of our consolidated revenues. Accounting for Revenue and Related Expenses The Company employs all of its vessels on time charter contracts, which the Company has established to contain a lease since the vessel is a specified asset, the charterer has the right to direct the use of the vessel and there are no substantive substitution rights. Revenue from time charter contracts are recognized as operating leases under ASC 842 Leases . The Company receives a fixed or variable, indexed on market rates, charter hire per day of on-hire whereby revenue is recognized and recorded on an accrual basis over the term of the charter as service is provided, including option periods if reasonably certain to be exercised. If the Company receives a lump sum re-positioning fee or fixed ballast bonus, which is probable at the commencement of the lease, this is recognized as part of the lease payments over the course of the time charter on a straight-line basis at the commencement of the lease. If the Company receives a lump sum ballast bonus, which is not probable at the commencement of the lease, then this is recognized as a variable lease payment from the date that the change in facts and circumstances occur. The variable lease payment is therefore recognized on a straight line basis from the date that the re-delivery port is declared and probability of occurrence is determined, to the date of arrival at the re-delivery port. If there is an option under a charter party for the lessee to extend the charter, the Company will assess the likelihood of the charterer exercising the extension option at inception of the lease in order to determine the lease term. If the option period is not included in the initial lease term and the charterer declares such option, the Company will consider the declaration of an option as a lease modification. The Company will remeasure the total minimum lease payments from the date of declaration of the option, adjusted for any prepaid or accrued rent from the original contract, and recognize this on a straight line basis to the date of arrival at the re-delivery port. Under a time charter agreement, the Company is responsible for both the operation and maintenance of the vessel which would be considered to be a non-lease performance obligation. The Company has chosen to elect the practical expedient of ASC 842 to not separate the lease and non-lease components and instead combine these as a single performance obligation as the Company considers the lease component to be the predominant component of the contract, for which ASC 842 will be applied. Costs incurred during the leasing period for the maintenance and operation of the vessels are expensed as incurred as the timing and pattern of transfer of the components are identical to the operating lease revenue earned from the charter hire. Trade Accounts Receivables Trade receivables are presented net of allowance for doubtful balances. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Lease The Company assesses whether a contract contains a lease at inception of the contract. The assessment involves the exercise of judgement about whether it depends on a specified asset, whether the Company obtains substantially all the economic benefits from the use of that asset, and whether the Company has the right to direct the use of the asset. The Company does not separate lease components from non-lease components as lessee. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The standard provides practical expedients for an entity’s ongoing accounting. The Company has elected the short-term lease recognition exemption for leases that qualify, meaning that the Company does not recognize Right Of Use assets or lease liabilities for these leases where the Company is the lessee. Interest Expense Interest expenses are expensed as incurred except for interest expenses that are capitalized for qualifying assets that require a period of time to get them ready for their intended use. Interest expenses are capitalized until the qualifying asset is ready for use. The Company does not capitalize amounts beyond the actual interest expense incurred in the period. If the Company's financing plans associate a specific borrowing with a qualifying asset, the Company uses the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset that does not exceed the amount of that borrowing. If average accumulated expenditures for the asset exceed the amounts of specific new borrowings associated with the asset, the capitalization rate to be applied to such excess shall be a weighted average of the rates applicable to other borrowings of the Company. Income Taxes Income taxes are provided for based upon the tax laws and rates in effect in the countries in which the Company's ocean-going LNG carriers' operations were conducted and income was earned. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of the Company's assets and liabilities using the applicable jurisdictional tax in effect at the year end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized (Note 6). Recognition of uncertain tax positions is dependent upon whether it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the financial statements based on U.S. GAAP guidance. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. Vessels Vessels are carried at historical cost less accumulated depreciation and impairment adjustments, if any. The depreciation on vessels is reviewed annually to ensure that the method and period used reflect the pattern in which the asset's future economic benefits are expected to be consumed. The gross carrying amount of the vessel is the purchase price, including duties/taxes, borrowing costs and any other direct costs attributable to bringing it to the location and condition necessary for the vessels intended use. Capitalization of costs will cease once the vessel is in the location and condition necessary for it to be able to operate in the manner consistent with its intended design. On delivery, the total acquisition costs of the vessel will be segregated to groups of components that have different expected useful lives. The different groups of components will be depreciated over their expected useful lives. Subsequent costs, such as repair and maintenance costs, are recognized in the income statement as incurred. Each vessel is required to be dry-docked every five years. The Company capitalizes costs associated with the dry-docking in accordance with ASC Topic 360 Property, Plant and Equipment and amortizes these costs on a straight-line basis over the period to the next expected dry-docking. Amortization of dry-docking costs is included in depreciation in the Income Statement. The Company has adopted the "built in overhaul" method for when a vessel is newly acquired, or constructed, whereby a proportion of the cost of the vessel is allocated to the components expected to be replaced at the next dry-docking based on the expected costs relating to the next dry-docking. Dry-docking costs are included within operating activities on the statement of cash flows. The cost of the vessel, less their estimated residual value, is depreciated on a straight-line basis over the asset's estimated useful economic life. The residual value for owned vessels is calculated by multiplying the lightweight tonnage of the vessel by the estimated scrap value per tonne. The cost of dry-dock is depreciated on a straight-line basis over the assets estimated useful life. The following useful lives have been used: Vessels: 35 years Dry-docking: 5 years Impairment of Long-lived Assets The carrying values of long-lived assets held and used by the Company are reviewed quarterly or whenever events or circumstances indicate that the carrying amount of an asset may no longer be recoverable. If such impairment indicators are present, the Company assesses The Company assesses recoverability of the carrying value of each asset or newbuilding on an individual basis by estimating the future net undiscounted cash flows expected to result from the asset, including eventual disposal. In developing estimates of future undiscounted cash flows, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry-docking requirements, residual values and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations. If the future net undiscounted cash flows are less than the carrying value of the asset, or the current carrying value plus future newbuilding commitments, an impairment loss is recorded equal to the difference between the asset's carrying value and fair value. In addition, long-lived assets to be disposed of are reported at the lower of carrying amount and fair value less estimated costs to sell. Vessel Purchase Prepayments Vessel purchase prepayments relate to amounts advanced under vessel purchase agreements or deposited as part of a pre-positioning of payments due on vessels and equipment, net, where title of the vessel does not transfer to the Company until the date of delivery. Inventories Inventories comprise principally of fuel and lubricating oils and are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. Cash and Cash Equivalents Cash includes cash in hand and in the Company's bank accounts. Cash equivalents are short-term liquid investments with original maturities of three months or less. Restricted Cash Restricted cash consists of cash, which may only be used for certain purposes and is held under a contractual arrangement. The cash is restricted by law for the Norwegian tax authorities in relation to social security tax and personal income tax of employees in the Company's subsidiary, Flex LNG Management AS, and is settled every second month. Debt Issuance Costs Direct incremental costs relating to obtaining a loan are deferred and amortized over the team of the loan using the effective interest rate method. Amortization of debt issuance costs is included under interest expense. The Company has recorded debt issuance costs as a direct reduction from the carrying amount of the related debt in the balance sheet. Derivative Instruments Our derivative instruments relate to interest-rate swaps, which are considered to be an economic hedge. However, these have not been designated as hedges for accounting purposes. These transactions involve the conversion of floating rates into fixed rates over the life of the transactions without an exchange of underlying principal. The fair value of the interest rate swap contracts are recognized as assets or liabilities. Changes in the fair value of these derivatives are recorded in gain/(loss) on derivatives in our consolidated statement of operations. Cash outflows and inflows resulting from economic derivative contracts are presented as cash flows from operations in the consolidated statement of cash flows. Share-based Compensation The Company accounts for share-based payments in accordance with ASC Topic 718 Compensation - Stock Compensation , under which the fair value of issued stock options is expensed over the period in which the options vest under the simplified method. Share-based compensation represents the cost of vested and non-vested shares and share options granted to employees and directors for their services, and are included in administrative expenses in the consolidated statements of operations. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized as compensation expense over the requisite service period. Earnings Per Share Basic earnings per share ("EPS") are computed based on the income available to ordinary shareholders divided by the weighted average number of shares outstanding. Diluted EPS is computed by dividing the net income available to ordinary shareholders by the weighted average number of ordinary shares and dilutive ordinary share equivalents then outstanding. If in the period there is a loss, then any potential ordinary shares have been excluded from the calculation of diluted loss per share. Treasury Shares When the Company repurchases its share capital, the amount of the consideration paid is recognized as a deduction from equity and classified as treasury shares, pending future use. If the Company acquires and retains treasury shares, the consideration paid is directly recognized in equity. The weighted average treasury shares reduce the number of shares outstanding used in calculating earnings per share and they have a dilutive effect on the diluted earnings per share.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2020-04, “ Reference Rate Reform (Topic 848) ” (“ASU 2020-04”), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of the London Interbank Offered Rate ("LIBOR") as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. In addition, in January 2021, the FASB issued another ASU (ASU No. 2021-01) with respect to the Reference Rate Reform (Topic 848) . The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2022. As of December 31, 2021, the Company has not made any contract modification to replace the reference rate in any of its agreements and had evaluated that there was no impact to its consolidated financial statements. The Company has reviewed all other recent issued accounting pronouncements and has not identified other standards that would have a material impact on the Company's current accounting policies.

SIGNIFICANT SUBSIDIARIES

SIGNIFICANT SUBSIDIARIES	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Significant Subsidiaries	SIGNIFICANT SUBSIDIARIES As of December 31, 2021, the Company had the following significant subsidiaries: Company Country of registration Main operations Ownership share Voting share Flex LNG Chartering Limited United Kingdom Chartering services 100% 100% Flex LNG Management AS Norway Management services 100% 100% Flex LNG Bermuda Management Limited Bermuda Management services 100% 100% Flex LNG Management Limited Isle of Man Management services 100% 100% Flex LNG Fleet Limited Bermuda Holding company 100% 100% Flex LNG Endeavour Limited Marshall Islands Shipping 100% 100% Flex LNG Enterprise Limited Marshall Islands Shipping 100% 100% Flex LNG Ranger Limited Marshall Islands Shipping 100% 100% Flex LNG Rainbow Limited Marshall Islands Shipping 100% 100% Flex LNG Constellation Limited Marshall Islands Shipping 100% 100% Flex LNG Courageous Limited Marshall Islands Shipping 100% 100% Flex LNG Aurora Limited Marshall Islands Shipping 100% 100% Flex LNG Amber Limited Marshall Islands Shipping 100% 100% Flex LNG Resolute Limited Marshall Islands Shipping 100% 100% Flex LNG Reliance Limited Marshall Islands Shipping 100% 100% Flex Freedom Limited Marshall Islands Shipping 100% 100% Flex Vigilant Limited Marshall Islands Shipping 100% 100% Flex Volunteer Limited Marshall Islands Shipping 100% 100%

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Basic earnings per share amounts are calculated by dividing the net income for the year by the weighted average number of ordinary shares issued and outstanding during the year. Diluted earnings per share amounts are calculated by dividing the net income by the weighted average number of shares issued and outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. If in the period there is a loss then any potential ordinary shares have been excluded from the calculation of diluted loss per share. The following reflects the net income and share data used in the earnings per share calculation. (in thousands of $, except share data) 2021 2020 2019 Net income 162,205 8,105 16,967 Weighted average number of ordinary shares 53,319,408 54,099,504 54,106,171 Share options 20,884 174,689 141,000 Weighted average number of shares, adjusted for dilution 53,340,292 54,274,193 54,247,171 Earnings per share - Basic and diluted 3.04 0.15 0.31 Dividends declared per share 1.85 0.20 0.10

INCOME TAX

INCOME TAX	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Tax	INCOME TAX Bermuda Under current Bermuda law, the Company is not required to pay taxes in Bermuda on either income or capital gains. The Company has received written assurance from the Minister of Finance in Bermuda that, in the event of any such taxes being imposed, the Company will be exempted from taxation until March 31, 2035. United States For the years ended December 31, 2021 and 2020, the Company did not accrue U.S. income taxes because the Company was able to satisfy the requirements of the exemption from gross basis tax under Section 883 of the U.S. Internal Revenue Code. Under Section 863(c)(2)(A) of the Internal Revenue Code, 50% of all transportation revenue attributable to transportation which begins or ends in the United States shall be treated as from sources within the United States where no Section 883 exemption is available. Such revenue is subject to 4% tax. For the year ended December 31, 2021, 2020 and 2019, the Company accrued federal income tax of $nil, $nil and $nil respectively. Other Jurisdictions Certain of the Company's subsidiaries in Norway and the United Kingdom are subject to income tax in their respective jurisdictions. The taxes paid by subsidiaries of the Company that are subject to income tax have been disclosed in the tables below. The Company does not have any unrecognized tax benefits, material accrued interest or penalties relating to income taxes. The Norwegian income tax returns could be subject to examination by Norwegian tax authorities going back ten years or more. In the United Kingdom, the tax authorities can investigate as far back as 20 years if they suspect tax evasion. More commonly, the United Kingdom may investigate for (i) careless tax returns for up to six years and (ii) innocent errors for up to four years. In the United States, the Internal Revenue Service ("IRS") may audit tax returns filed within the last three years. If the IRS identifies a substantial error, the IRS may add additional years, which in most cases does not extend beyond six years. None of FLEX LNG or its subsidiaries is undergoing tax audits in any applicable tax jurisdictions. The table below shows the components of income tax year ended December 31, 2021, 2020 and 2019: (in thousands of $) 2021 2020 2019 Current income tax expense (71) (89) (118) Adjustments in respect of current income tax of previous years (28) 5 (64) Income tax expense reported in the income statement (99) (84) (182) A reconciliation between the tax expense and the product of the accounting profit multiplied by the Bermuda domestic tax rate for the year ended December 31, 2021, 2020 and 2019 is as follows: (in thousands of $) 2021 2020 2019 Income before tax 162,304 8,189 17,149 Income tax at 0% (2020: 0% (2019: 0%)) — — — Effect of higher foreign tax rates (99) (84) (182) Income tax expense at effective rate of 0.1% (2020: 1.0% (2019: 1.1%)) (99) (84) (182)

VESSEL PURCHASE PREPAYMENTS

VESSEL PURCHASE PREPAYMENTS	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Vessel Purchase Prepayments	VESSEL PURCHASE PREPAYMENTS (in thousands of $) 2021 2020 At January 1 289,600 349,472 Deposits to vessel purchase prepayments — 125,800 Transfers to vessels and equipment, net (289,600) (185,672) At December 31 — 289,600 Between July and October 2020, we transferred an aggregate of $(185.7) million from Vessel purchase prepayments to Vessels and equipment, net upon the delivery of; Flex Aurora, Flex Artemis, Flex Resolute and Flex Amber . In December 2020, the Company recognized deposits of $125.8 million in connection with the final payment due upon the delivery of our eleventh LNG carrier, Flex Freedom . In January 2021, $181.6 million was reclassified from Vessel purchase prepayments to Vessels and equipment, net upon the delivery of our eleventh LNG carrier, Flex Freedom . In January 2021, $54.0 million was reclassified from Vessel purchase prepayments to Vessels and equipment, net upon the delivery of our twelfth LNG carrier, Flex Volunteer. In May 2021, $54.0 million was reclassified from Vessel purchase prepayments to Vessels and equipment, net upon the delivery of our thirteenth LNG carrier, Flex Vigilant .

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Vessels and Equipment, Net	VESSELS AND EQUIPMENT, NET The table below summarizes the vessels and equipment, net applicable to the Company: (in thousands of $) Vessels and equipment Dry-docking Total Cost At December 31, 2019 1,178,415 15,000 1,193,415 Additions (121) — (121) Newbuildings 741,147 10,000 751,147 At December 31, 2020 1,919,441 25,000 1,944,441 Additions 180 — 180 Newbuildings 547,849 7,500 555,349 At December 31, 2021 2,467,470 32,500 2,499,970 Accumulated depreciation At December 31, 2019 (42,211) (3,930) (46,141) Charge (38,159) (3,680) (41,839) At December 31, 2020 (80,370) (7,610) (87,980) Charge (63,553) (6,272) (69,825) At December 31, 2021 (143,923) (13,882) (157,805) Net book value At December 31, 2019 1,136,204 11,070 1,147,274 At December 31, 2020 1,839,071 17,390 1,856,461 At December 31, 2021 2,323,547 18,618 2,342,165 The net book value of vessels that serve as collateral for the Company's long-term debt (Note 15) was $2,342.2 million as of December 31, 2021 (2020: $1,856.5 million). The net book value of the vessels Flex Rainbow , Flex Enterprise, Flex Endeavour, Flex Amber and Flex Volunteer

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	OTHER CURRENT ASSETS As of December 31, 2021 and 2020, other current assets within the Consolidated Balance Sheets is comprised of: (in thousands of $) 2021 2020 Trade accounts receivable, net 5,270 4,050 Accrued income 7,005 6,024 Prepaid expenses 2,487 11,344 Other receivables 2,278 3,643 Total other current assets 17,040 25,061 Trade accounts receivables are presented net of allowances for doubtful accounts amounting to $nil as of December 31, 2021 (2020: $nil).

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Other Current Liabilities	OTHER CURRENT LIABILITIES As of December 31, 2021 and 2020, other current liabilities within the Consolidated Balance Sheets is comprised of: (in thousands of $) 2021 2020 Accrued expenses (12,607) (14,013) Deferred charter revenue (26,873) (25,341) Other current liabilities (2,901) (57) Provisions (606) (836) Total other current liabilities (42,987) (40,247)

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Restricted Cash	RESTRICTED CASHThe Company has $0.5 million of restricted cash as of December 31, 2021 (2020: $0.1 million). This is restricted by law for the Norwegian tax authorities in relation to social security of employees.

SHARE CAPITAL AND ADDITIONAL PA

SHARE CAPITAL AND ADDITIONAL PAID IN CAPITAL	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Share Capital and Additional Paid in Capital	SHARE CAPITAL AND ADDITIONAL PAID IN CAPITAL (in thousands of $, except share data) Shares outstanding Share Capital Treasury shares Additional paid in capital Ordinary shares - issued and fully paid: At December 31, 2019 54,110,584 5,411 — 1,190,049 Shares repurchased (202,797) — (1,661) — Share-based payments — — — 284 At December 31, 2020 53,907,787 5,411 (1,661) 1,190,333 Shares repurchased (777,203) — (7,788) — Share-based payments — — — (1,273) At December 31, 2021 53,130,584 5,411 (9,449) 1,189,060 On November 19, 2020, the Company's Board of Directors authorized a share buy-back program of up to an aggregate of 4,110,584 of the Company's ordinary shares for the purpose of increasing shareholder value. The maximum amount to be paid per share was $10.00, or equivalent in NOK if bought at the Oslo Stock Exchange. The Company was not obligated under the terms of the program to repurchase any of its ordinary shares. The program ended in November 2021. The Company had repurchased an aggregate of 980,000 ordinary shares, equivalent 1.8%, of the total issued ordinary shares. The shares are held as treasury shares, and have been purchased at a weighted average price of NOK 83.13, or $9.64 per share. In November 2021, 105,000 and 15,000 share options held by management, which vested in the period September 2018 to September 2021 (the "September 2018 tranche") and April 2020 to April 2021 (the "April 2020 tranche") respectively were exercised. The Company paid an aggregate amount of $1.3 million in settlement, recorded to additional paid in capital.

SHARE BASED PAYMENTS

SHARE BASED PAYMENTS	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share Based Payments	SHARE-BASED PAYMENTS On September 7, 2018, the Company's Board of Directors approved a Share Option Scheme. The Share Option Scheme permits the Board of Directors, at its discretion, to grant options to acquire shares in the Company to employees and directors of the Company or its subsidiaries. The exercise price for all options granted under the scheme is reduced by the amount of all dividends declared by the Company (the "Adjusted Exercise Price") in the period from the date of grant until the date the option is exercised, provided the Adjusted Exercise Price is never reduced below the par value of the share. The vesting periods of options granted under the Share Option Scheme will be specific to each grant. There is no maximum number of shares authorized for awards of equity share options and authorized, unissued or treasury shares of the Company may be used to satisfy exercised options. When a share option is exercised, the Board of Directors can use their right, according to the Bye-laws, to issue new shares or if the Company has treasury shares these can also be used. As of December 31, 2021, the Company had the following share options outstanding: Assumptions used (1) Grant date Share options Initial Exercise Price ($) Vesting date Risk-free interest rate Expected Volatility April 2020 Tranche Apr-20 15,000 7.60 Apr-22 0.39 % 48.8 % April 2020 Tranche Apr-20 15,000 10.20 Apr-23 0.39 % 48.8 % August 2021 Tranche Aug-21 146,250 14.00 Sep-22 0.82 % 4.8 % August 2021 Tranche Aug-21 204,750 15.60 Sep-23 0.82 % 4.8 % August 2021 Tranche Aug-21 234,000 17.20 Sep-24 0.82 % 4.8 % Total 615,000 (1) The fair value of the share options was calculated using these assumptions as of the grant date using the Black-Scholes option valuation model. The risk-free interest rate was estimated using the interest rate on five-year US treasury rate. The volatility was estimated using historical volatility of share price data. The dividend yield has been estimated at 0% as the exercise price is reduced by all dividends declared by the Company from the date of grant to the exercise date. It was assumed that all of the options granted in April 2020 and August 2021 Tranches will vest and therefore no forfeitures were assumed. The effect of forfeitures is recognized as incurred. The following table summarizes the unvested option activity for the year ended December 31, 2021, 2020 and 2019: Number of non-vested options Number of vested options Weighted average exercise price per share ($) Weighted average remaining contractual term (years) Weighted average grant date fair value ($) At December 31, 2019 (1) 94,000 47,000 14.90 3.6 15.00 Granted during the year (2) 45,000 — 7.63 5.0 7.63 Exercised during the year (2) — — — 0.0 — Forfeited during the year (2) — — — 0.0 — Expired during the year (2) — — — 0.0 — Vested during the year (47,000) 47,000 — 0.0 15.00 At December 31, 2020 (1) 92,000 94,000 11.61 3.0 13.17 Granted during the year (2) 585,000 — 15.84 4.8 15.84 Exercised during the year (2) — (120,000) (11.78) 0.0 (13.15) Forfeited during the year (2) (12,000) (24,000) (16.12) 0.0 (17.05) Expired during the year (2) — — — 0.0 — Vested during the year (50,000) 50,000 — 0.0 11.54 At December 31, 2021 (1) 615,000 — 14.31 4.8 15.50 (1) The weighted average exercise price has been adjusted by the amount of all dividends declared by the Company in the period, from the date of grant until the date the option is exercised. (2) Numbers, years and per share amounts are stated as of the grant, exercise, forfeiture or expired date. In November 2021, 105,000 and 15,000 share options held by management, under the September 2018 Tranche and the April 2020 Tranche, were exercised. The grant date exercise price of the September 2018 Tranche was $14.30 per share, which was adjusted to $12.90 due to $1.40 dividends paid per share since the options were granted. The grant date exercise price of the April 2020 Tranche was $5.10 per share, which was adjusted to $3.90 due to $1.20 dividends paid per share since the options were granted. The stock options were settled in cash being the difference of Adjusted Exercise Prices and the closing price at the NYSE on November 17, 2021 of $22.78. The Company paid an aggregate amount of $1.3 million in settlement, which was recorded to additional paid in capital.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	FINANCIAL INSTRUMENTS Derivative instruments that economically hedge exposures are used for risk management purposes, but these instruments are not designated as hedges for accounting purposes. Credit risk is the failure of the counterparty to perform under the terms of the derivative instrument. When the fair value of a derivative instrument is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative instrument is negative, the Company owes the counterparty, and, therefore, the Company is not exposed to the counterparty's credit risk in those circumstances. The Company minimizes counterparty credit risk in derivative instruments by entering into transactions with major banking and financial institutions. The derivative instruments entered into by the Company do not contain credit risk-related contingent features. The Company has not entered into master netting agreements with the counterparties to its derivative financial instrument contracts. Market risk is the adverse effect on the value of a derivative instrument that results from a change in interest rates, currency exchange rates or commodity prices. The market risk associated with interest rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken. The Company assesses interest rate risk by monitoring changes in interest rate exposures that may adversely impact expected future cash flows and by evaluating economical hedging opportunities. As of December 31, 2021 the Company has a total of 17 interest rate swap transactions (2020: 18). This is to reduce the risk associated with fluctuations in interest rates, whereby LIBOR on an amortized notional principal of $677.8 million as per December 31, 2021 (2020: $759.1 million), has been swapped to a fixed rate. Our interest rate swap contracts as of December 31, 2021 are summarized as follows: (in thousands of $) Notional principal Inception date Maturity date Fixed Interest Rate Receiving floating, pay fixed 50,000 June 2019 June 2024 2.15 % Receiving floating, pay fixed 50,000 June 2019 June 2024 2.15 % Receiving floating, pay fixed 75,000 June 2020 June 2025 1.39 % Receiving floating, pay fixed 50,000 July 2020 July 2025 1.38 % Receiving floating, pay fixed 25,000 July 2020 July 2025 1.38 % Receiving floating, pay fixed 75,000 July 2020 July 2025 1.43 % Receiving floating, pay fixed 46,875 August 2020 August 2025 0.35 % Receiving floating, pay fixed 23,438 August 2020 August 2025 0.35 % Receiving floating, pay fixed 35,000 September 2020 September 2025 1.03 % Receiving floating, pay fixed 25,000 September 2020 September 2025 1.22 % Receiving floating, pay fixed 25,000 September 2020 September 2025 1.22 % Receiving floating, pay fixed 25,000 September 2020 September 2025 0.37 % Receiving floating, pay fixed 47,500 October 2020 October 2025 0.41 % Receiving floating, pay fixed 25,000 September 2019 June 2024 1.38 % Receiving floating, pay fixed 25,000 September 2019 June 2024 1.40 % Receiving floating, pay fixed 50,000 June 2021 November 2025 0.74 % Receiving floating, pay fixed 25,000 March 2021 June 2024 0.35 %

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Short-Term and Long-Term Debt	SHORT-TERM AND LONG-TERM DEBT Short and long-term debt for the company as of December 31, 2021 and 2020, is detailed in the table below: (in thousands of $) 2021 2020 U.S. dollar denominated floating rate debt $250 Million Term Loan Facility 220,313 232,813 $50 million term loan under $100 Million Facility 44,080 46,711 Flex Rainbow Sale and Leaseback 131,906 139,781 $629 Million Term Loan Facility 613,512 513,200 Flex Amber Sale and Leaseback 147,712 156,400 Total U.S. dollar floating rate debt 1,157,523 1,088,905 U.S. dollar denominated fixed rate debt Hyundai Glovis Sale and Charterback 271,381 283,643 Flex Volunteer Sale and Leaseback 159,448 — Total U.S. dollar denominated fixed rate debt 430,829 283,643 U.S. dollar denominated revolving credit facilities $70 million revolving tranche under $100 Million Facility 64,080 46,711 Total U.S. dollar denominated revolving credit facilities 64,080 46,711 Total debt 1,652,432 1,419,259 Less Current portion of debt (85,879) (68,340) Long-term portion of debt issuance costs (14,606) (13,906) Long-term debt 1,551,947 1,337,013 Capital commitments relating to our long-term debt obligations as of December 31, 2021 as detailed in the table below: (in thousands of $) 2022 85,879 2023 86,965 2024 363,354 2025 329,314 2026 79,716 Thereafter 707,204 Total 1,652,432 Flex Rainbow Sale and Leaseback In July 2018, the Company, through its wholly-owned subsidiary, Flex LNG Rainbow Ltd., which owned the Flex Rainbow , entered into a sale leaseback transaction (the " Flex Rainbow Sale and Leaseback"), for the vessel with a Hong Kong-based lessor for a lease period of 10 years. The gross sales price under the lease was $210 million, of which $52.5 million represented advance hire for the 10 years lease period. The agreement includes fixed price purchase options, whereby we have the option to re-purchase the vessel at or after the second anniversary of the agreement, and on each anniversary thereafter, until the end of the lease period. The bareboat rate payable under the lease has a fixed element, treated as principal repayment, and a variable element based on LIBOR plus a margin of 3.50% per annum calculated on the outstanding under the lease. The facility includes a covenant that requires us to provide additional security, by way of a deposit, as necessary to maintain the fair market value of the vessel at not less than a specified percentage of the principal amount outstanding under the lease. As of December 31, 2021, the net outstanding balance under the lease was $131.1 million (2020: $138.8 million). $250 Million Term Loan Facility In April 2019, the Company, through two of its vessel owning subsidiaries, entered into a $250 million secured term loan facility (the "$250 Million Term Loan Facility") with a syndicate of banks for the part financing of Flex Constellation and Flex Courageous . The first $125 million tranche was drawn in June 2019 upon delivery of the Flex Constellation , and the remaining $125 million tranche was drawn in August 2019 upon delivery of the Flex Courageous . The facility has a term of five years from delivery of the last vessel, Flex Courageous , and bears interest at LIBOR plus a margin of 2.35% per annum. As of December 31, 2021, the net outstanding balance under the facility was $219.2 million (2020: $230.9 million). The facility includes various financial covenants, as described below. $100 Million Facility In July 2019, the Company, through one of its vessel owning subsidiaries, entered into a $100 million term loan and revolving credit facility (the "$100 Million Facility") with a syndicate of banks to refinance the vessel, Flex Ranger . The facility was divided into a $50 million term loan and a $50 million revolving credit facility. The full amount of $100 million was drawn on July 19, 2019, and the proceeds were used to prepay the outstanding balance of $99.8 million relating to the Flex Ranger under the existing $315 million secured term loan facility (the "$315 Million Term Loan Facility"). The facility has a term of five years and bears interest of LIBOR plus a margin of 2.25% per annum. The facility includes various financial covenants, as described below. In March 2021, the Company signed an addendum to the $100 Million Facility, whereby the revolving tranche under the facility was increased by $20 million. The $20 million increase is non-amortizing and bears interest at LIBOR plus a margin of 2.25% per annum for any drawn amounts. As of December 31, 2021, the net outstanding balance under the facility was $108.1 million (2020: $93.3 million). The revolving tranche under the facility was fully drawn. Hyundai Glovis Sale and Charterback In April 2019, the Company, through two of its vessel owning subsidiaries, entered into sale and time charter agreements with Hyundai Glovis Co. Ltd. ("Hyundai Glovis") for the vessels Flex Endeavour and Flex Enterprise (the "Hyundai Glovis Sale and Charterback"). The transactions were executed at the end of July 2019, whereby the vessels were sold for a gross consideration of $210 million per vessel, with a net consideration of $150 million per vessel adjusted for a non-amortizing and non-interest bearing seller's credit of $60 million per vessel. The vessels have been chartered back on a time-charter basis to the vessel owning subsidiaries for a period of ten years. The agreements include fixed price purchase options, whereby the Company will have annual options to acquire the vessels during the term of the time-charters with the first option exercisable on the third anniversary of closing of the transactions and the last option at expiry of the ten years charter periods. At the end of the ten years charter periods, Hyundai Glovis will have the right to sell the vessels back to the Company for a net consideration of $75 million per vessel, net of the $60 million seller's credit per vessel. As of December 31, 2021, the total net outstanding balance under the leases was $269.5 million (2020: $281.3 million). $629 Million Term Loan Facility In February 2020, the Company, through five of its vessel owning subsidiaries, entered into a facility agreement with a syndicate of banks and the Export-Import Bank of Korea ("KEXIM") for a $629 million financing for five newbuildings that were scheduled for delivery in 2020 (the "$629 Million Term Loan Facility"). The facility is divided into a commercial bank loan of $250 million (the "Commercial Loan"), a KEXIM guaranteed loan, funded by commercial banks, of $189.1 million (the "KEXIM Guaranteed Loan") and a KEXIM direct loan of $189.9 million (the "KEXIM Direct Loan"). The facility includes an accordion option of up to $10 million per vessel subject acceptable long-term employment, which was utilized to increase the Commercial Loan on the Flex Artemis by $10 million in July 2020. The Commercial Loan bears interest at LIBOR plus a margin of 2.35% per annum and has a final maturity date being the earlier of (i) five years from delivery of the final vessel or (ii) November 30, 2025. The KEXIM Guaranteed Loan bears interest at LIBOR plus a margin of 1.2% per annum and the KEXIM Direct Loan at LIBOR plus a margin of 2.25% per annum. The KEXIM Guaranteed Loan has a term of 6 years from delivery of each vessel and the KEXIM Direct Loan a term of 12 years from delivery of each vessel, provided however that these loans will mature at the same time as the Commercial Loan if the Commercial Loan has not been refinanced at terms acceptable to the lenders. The facility includes various financial covenants, as described below. In the year ended December 31, 2020, the Company drew down $125.8 million in connection with the delivery of our seventh vessel, Flex Aurora and $135.8 million in connection with the delivery of our eighth vessel, Flex Artemis . The Company utilized an option under the facility to replace the newbuilding Flex Amber with the sister vessel Flex Vigilant , delivered in the second quarter of 2021. Additionally, the Company drew down $125.8 million in connection with the delivery of the Company's ninth vessel, Flex Resolut e and $125.8 million in connection with the delivery of the Company's eleventh vessel, Flex Freedom , which was delivered January 1, 2021. In May 2021, the Company drew down $123.3 million under the $629 million Facility upon delivery of our thirteenth newbuilding LNG carrier, Flex Vigilant . As of December 31, 2021, the net outstanding balance under the facility was $602.1 million (2020: $502.8 million). Flex Amber sale and leaseback In June 2020, the Company, through one of its vessel owning subsidiaries, entered into a sale and leaseback transaction with an Asian based leasing house for the vessel, Flex Amber ( the " Flex Amber Sale and Leaseback"). Under the terms of the transaction, the vessel was sold for a gross consideration of $206.5 million, with a net consideration to the Company of $156.4 million, adjusted for an advance hire of $50.1 million. The vessel has been chartered back on a bareboat basis for a period of ten years. The agreement includes fixed price purchase options, whereby the Company has options to re-purchase the vessel at or after the first anniversary of the agreement, and on each anniversary thereafter. At the end of the ten As of December 31, 2021, the net outstanding balance under the lease was $146.0 million (2020: $154.4 million). $125 Million Facility In June 2020, the Company, through one of its vessel owning subsidiaries, entered into the $125 Million Facility for the financing of the vessel, Flex Volunteer , which was delivered in January 2021. The facility was divided into a $100 million term loan and a $25 million revolving credit facility. The facility bears interest at LIBOR plus a margin of 2.85% per annum and has a term of five years from delivery of the vessel. The facility included various financial covenants, as described below. In January 2021, the Company drew down $100 million under the term loan tranche of the $125 Million Facility upon delivery of our twelfth newbuilding LNG carrier, Flex Volunteer. As of December 31, 2021, the outstanding balance of $120.3 million under the $125 Million Facility agreement was prepaid in full following the execution of the Flex Volunteer Sale and Leaseback, as further described below. Flex Volunteer Sale and Leaseback In November 2021, the Company, through one of its vessel owning subsidiaries, entered into a sale and leaseback agreement with a Japanese based lessor for the vessel, Flex Volunteer (the " Flex Volunteer Sale and Leaseback"). The transaction was executed in December 2021, whereby the vessel was sold for a gross consideration of $215.0 million , with a net consideration to the Company of $160.0 million adjusted for a Charterers' down payment of $55.0 million. The agreement is treated as a financing arrangement for accounting purposes, whereby the net consideration received is considered the financed amount. The vessel has been chartered back on a bareboat charter basis for a period of 10 years with a fixed daily rate of hire rate, split as interest and principal repayments. At the end of the ten year bareboat charter period, the Company has the right to buy and the lessor has the right to sell the vessel for a consideration of $80.0 million. Upon closing of the transaction, a portion of the proceeds, $120.3 million, was used to prepay the outstanding balances under the $125 Million Facility, with the remaining balance of $37.7 million after fees and expenses, available for general corporate purposes. As of December 31, 2021, the net outstanding balance under the lease was $157.4 million. Loan covenants Certain of our financing agreements discussed above, have, amongst other things, the following financial covenants, as amended or waived, which are tested quarterly, the most stringent of which require us (on a consolidated basis) to maintain: • a book equity ratio of minimum 0.25 to 1.0; • a positive working capital; • minimum liquidity, including undrawn credit lines with a remaining term of at least six months, being the higher of: (i) $25 million; and (ii) an amount equal to five percent (5%) of our total interest bearing financial indebtedness net of any cash and cash equivalents; and • collateral maintenance test, ensuring that the aggregate value of the vessels making up the facility in question exceeds the aggregate value of the debt commitment outstanding. As of December 31, 2021, all financial covenants have been met accordingly.

FAIR VALUE OF FINANCIAL ASSETS

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES The principal financial assets of the Company at December 31, 2021 and 2020, consist primarily of cash and cash equivalents, restricted cash, other current assets, receivables due from related parties and derivative instruments receivable. The principal financial liabilities of the Company consist of payables due to related parties, accounts payable, other current liabilities, derivative instruments payable and long-term debt. The fair value measurements requirement applies to all assets and liabilities that are being measured and reported on a fair value basis. The assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. The fair value of the Company's cash and cash equivalents and restricted cash approximates their carrying amounts reported in the accompanying consolidated balance sheets. The fair value of other current assets, receivables from related parties, payables due to related parties, accounts payable and other current liabilities approximate their carrying amounts reported in the accompanying consolidated balance sheets. The fair value of floating rate debt has been determined using Level 2 inputs and is considered to be equal to the carrying value since it bears variable interest rates, which are reset on a quarterly or semi-annual basis. Carrying value of the floating rate debt is shown net deduction of debt issuance cost, while fair value of floating rate debt is shown gross. The fixed rate debt has been determined using Level 2 inputs being the discounted expected cash flows of the outstanding debt. The following table includes the estimated fair value and carrying value of those assets and liabilities. 2021 2021 2020 2020 (in thousands of $) Fair value hierarchy level Carrying value of asset (liability) Fair value Carrying value of asset (liability) Fair value asset Cash and cash equivalents Level 1 200,652 200,652 128,878 128,878 Restricted cash Level 1 518 518 84 84 Derivative instruments Level 2 5,862 5,862 109 109 Derivative instruments Level 2 (4,764) (4,764) (23,434) (23,434) Floating rate debt Level 2 (1,206,522) (1,221,603) (1,120,172) (1,135,616) Fixed rate debt Level 2 (426,897) (465,287) (281,307) (306,621) There have been no transfers between different levels in the fair value hierarchy during the year. Assets Measured at Fair Value on a Recurring Basis The fair value (Level 2) of interest rate swap derivative agreements is the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the credit worthiness of both us and the derivative counterparty. Concentration of Risk There is a concentration of credit risk with respect to cash and cash equivalents to the extent that substantially all of the amounts are carried with Skandinaviska Enskilda Banken AB (S&P Global rating: A+), Nordea Bank AB (S&P Global rating: AA-), Danske Bank AS (S&P Global rating: A+) and DNB ASA (S&P Global rating: AA-).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Related Party Balances A summary of receivables due from related parties as of December 31, 2021 and 2020 is as follows: (in thousands of $) 2021 2020 Seatankers Management Norway AS 18 — Frontline Ltd 162 135 Frontline Management AS 1 — Northern Ocean Limited 47 31 228 166 A summary of payables due to related parties as of December 31, 2021 and 2020 is as follows: (in thousands of $) 2021 2020 Frontline Management (Bermuda) Limited (85) (29) Frontline Corporate Services Ltd (30) (13) Frontline Management AS — (33) Flex LNG Fleet Management AS (232) (234) SFL Corporation Ltd (1) (2) Golden Ocean Management AS — (1) (348) (312) Related Party Transactions A summary of income and (expenses) recorded from related parties for the years ended December 31, 2021, 2020, and 2019 are as follows: (in thousands of $) 2021 2020 2019 Seatankers Management Co. Ltd (144) (312) (548) Seatankers Management Norway AS (59) (81) (84) Frontline Management (Bermuda) Limited (288) (122) (711) Frontline Ltd (2) 17 — Frontline Management AS (184) (154) (336) Flex LNG Fleet Management AS (3,235) (1,795) (223) SFL Corporation Ltd — (2) — FS Maritime SARL (337) (225) — Northern Ocean Limited 7 — — Golden Ocean Management AS (1) — — Front Ocean Management AS (55) — — In the year ended December 31, 2021, the Company made payments to a related party of Geveran for LNG carriers amounting to $385.6 million (2020: $557.7 million (2019: $190.3 million)). For more information see Note 7: Vessel Purchase Prepayments and Note 8: Vessels and Equipment, Net. General Management Agreements In October 2021, the Company entered into a service level agreement with a Front Ocean Management AS as part of which they will provide certain advisory and support services including human resources, shared office costs, administrative support, IT systems and services, compliance, insurance and legal assistance. In the year ended December 31, 2021, we recorded an expense, within administrative expenses, of $0.1 million for these services. We have an administrative services agreement with Frontline Management AS ("Frontline Management") under which they provide us with certain administrative support, technical supervision, purchase of goods and services within the ordinary course of business and other support services, for which we pay our allocation of the actual costs they incur on our behalf, plus a margin. Frontline Management may subcontract these services to other associated companies, including Frontline Management (Bermuda) Limited. In the year ended December 31, 2021, we recorded an expense, within administrative expenses, of $0.5 million from Frontline Management and associated companies for these services (2020: $0.3 million (2019: $1.0 million)). We also have an agreement with Seatankers Management Co. Ltd. ("Seatankers") under which it provides us with certain advisory and support services, for which we pay our allocation of the actual costs they incur on our behalf, plus a margin. In the year ended December 31, 2021, we recorded an expense, within administrative expenses, of $0.1 million from Seatankers for these services (2020: $0.3 million (2019: $0.5 million)). Technical Management The Company has a ship management agreements with Flex LNG Fleet Management AS, a related party owned by Frontline Ltd., for which they are responsible for the technical ship management for all of our entire fleet. Under the agreements, Flex LNG Fleet Management AS is paid a fixed fee per vessel per annum, which is subject to an annual review. In the year ended December 31, 2021, we recorded an expense, within vessel operating expenses, of $3.2 million from Flex LNG Fleet Management AS for these services (2020: $1.8 million (2019: $0.2 million)). Consultancy Services The Company has a consultancy agreement with FS Maritime SARL for the employment of our Chief Commercial Officer. The fee is set at a maximum of CHF437,995 per annum and is charged on a pro-rated basis for the time allocation of consultancy services incurred. The contract was terminated in December 2021, and will expire in March 2022. In the year ended December 31, 2021, we recorded an expense, within administrative expenses, of $0.3 million from FS Maritime SARL for these services (2020: $0.2 million).

MINIMUM COMMITTED REVENUE

MINIMUM COMMITTED REVENUE	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Minimum Committed Revenue	MINIMUM COMMITTED REVENUECommitted time charter revenues for the Company as of December 31, 2021 are detailed in the table below. Subsequent events, after the balance sheet date but before the financial statements were issued, could affect the value of the revenue realized due to market linked contracts and the effect of newly signed contracts, changes or options, which have been excluded. For market linked contracts only the floor rate per the contracts has been used for the purposes of calculating committed revenue whereas the actual revenue realized will only be determined at the time of invoicing. The amounts below represent committed revenue rather than the actual value in cash due in the next year. Some of the hire relating to the committed revenue for January 2021 is invoiced in advance and is included in the accounts as deferred charter revenue. As of December 31, 2021, $5.3 million was unpaid and is included in trade accounts receivables. (in thousands of $) 2022 264,901 2023 234,265 2024 199,266 2025 75,105 2026 30,254 Thereafter 3,069 Total 806,860

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS $375 Million Facility In February 2022, the Company, through its vessel owning subsidiaries, received credit approved term sheets for a new $375 million term and revolving loan facility (the "$375 Million Facility") from a syndicate of banks to refinance existing facilities secured by Flex Endeavour , Flex Ranger and Flex Rainbow . The facility is comprised of a $125 million term loan facility with a six year repayment profile and a non-amortizing $250 million revolving credit facility, resulting in an average age-adjusted repayment profile of 22 years. The facility has an accordion option to add an additional $125 million by adding an additional vessel as nominated by the Company within 36 months from the closing date of the agreement. The facility has an interest rate of SOFR plus 210 basis points. Secured Overnight Funding Rate ("SOFR") is a benchmark interest rate for dollar-denominated derivatives and loans that is replacing LIBOR. The facility is subject to final documentation and customary closing conditions and is expected to be drawn between the second quarter of 2022 and the third quarter of 2022. $320 million Sale and Leaseback In February 2022, the Company, through its vessel owning subsidiaries, received credit approved term sheets from an Asian based lease provider for an aggregate of $320 million for two separate sale and bareboat leaseback agreements (the "$320 Million Sale and Leaseback") to refinance the existing facility secured by Flex Constellation and Flex Courageous . Under the terms of the two sale and leaseback agreements, the vessels will be sold for gross consideration equivalent to the market value of each vessel and net consideration to the Company of $160 million per vessel, adjusted for an advance hire per vessel. The term of each lease is ten years and the Company has options to repurchase the vessels after three years. At the expiry of the ten-year charter period the Company has the option to repurchase the vessels for $66.5 million per vessel reflecting an age adjusted repayment profile of 20 years. The agreement has an interest rate of SOFR plus 250 basis points. The agreement is subject to final documentation and customary closing conditions and is expected to be drawn in the second quarter of 2022. Interest rate swaps In connection with the above refinancings, the Company entered into three interest rate swap agreements, swapping a variable rate of interest based on SOFR to a fixed rate of interest on a notional aggregate principal of $200 million. The swaps have a term of ten years and a weighted average fixed interest rate of 1.70%. Dividend On February 16, 2022, the Company’s Board of Directors declared a cash dividend for the fourth quarter of 2021 of $0.75 per share. The dividend was paid on or around March 16, 2022, to shareholders on record as of March 2, 2022. The ex-dividend date was March 1, 2022. Uncertainties caused by the Russo-Ukrainian War The recent outbreak of war between Russia and the Ukraine has disrupted supply chains and caused instability in the global economy, while the United States and the European Union, among other countries, announced sanctions against Russia. The ongoing conflict could result in the imposition of further economic sanctions against Russia, and the Company’s business may be adversely impacted. Currently, the Company’s charter contracts have not been affected by the events in Russia and Ukraine. However, it is possible that in the future third parties with whom the Company has or will have charter contracts may be impacted by such events. While in general much uncertainty remains regarding the global impact of the conflict in Ukraine, it is possible that such tensions could adversely affect the Company’s business, financial condition, results of operation and cash flows.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis for Preparation	Basis for Preparation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries.
Reporting Currency and Presentation Currency	Reporting Currency and Presentation Currency The Company's presentation and reporting currency is USD. The Company's primary economic environment is the international shipping market in which revenues are primarily settled in USD. The Company's most significant assets and liabilities are also paid for and settled in USD. Our expenses, however, are in the currency invoiced by each supplier. Foreign currency transactions are translated into the functional currency at the exchange rate in effect at the date of the transaction. Monetary items are translated at the period end exchange rate, non-monetary items that are measured at historical cost are translated at the rate in effect on the original transaction date, and non-monetary items that are measured at fair value are translated at the exchange rate in effect at the time when the fair value was determined. Foreign exchange gains and losses resulting from the settlement of such cash transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement.
Basis of Consolidation	Basis of Consolidation The Company's consolidated financial statements comprise FLEX LNG and its directly wholly owned subsidiaries. Details on the Company's significant subsidiaries are provided in Note 4. Intra-group transactions and balances, including internal profits and unrealized gains and losses, have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates and assumptions impact, the following: fair value of derivative instruments; initial dry-dock cost; vessel impairment assessment; and the expected useful lives of our vessels. Actual results could differ from those estimates.
Fair Value Measurements	Fair Value Measurements The inputs to the fair value calculations are based on observable market data when available, but where this is not achievable; a degree of judgment is required in establishing fair values. Changes in these assumptions could impact the reported fair value, as detailed in Note 16.
Segment Reporting	Segment Reporting Our chief operating decision maker ("CODM") measures performance based on our overall return to shareholders based on consolidated net income. Although separate vessel financial information is available, the CODM internally evaluates the performance of the Company as a whole and not on the basis of separate business units or different types of charters. As a result, the Company has determined that it operates as one reportable segment. Since the Company's vessels regularly move between countries in international waters over many trade routes, it is neither practical nor meaningful to assign revenues or earnings from the transportation of international LNG by geographic area.
Accounting for Revenue and Related Expenses	Accounting for Revenue and Related Expenses The Company employs all of its vessels on time charter contracts, which the Company has established to contain a lease since the vessel is a specified asset, the charterer has the right to direct the use of the vessel and there are no substantive substitution rights. Revenue from time charter contracts are recognized as operating leases under ASC 842 Leases . The Company receives a fixed or variable, indexed on market rates, charter hire per day of on-hire whereby revenue is recognized and recorded on an accrual basis over the term of the charter as service is provided, including option periods if reasonably certain to be exercised. If the Company receives a lump sum re-positioning fee or fixed ballast bonus, which is probable at the commencement of the lease, this is recognized as part of the lease payments over the course of the time charter on a straight-line basis at the commencement of the lease. If the Company receives a lump sum ballast bonus, which is not probable at the commencement of the lease, then this is recognized as a variable lease payment from the date that the change in facts and circumstances occur. The variable lease payment is therefore recognized on a straight line basis from the date that the re-delivery port is declared and probability of occurrence is determined, to the date of arrival at the re-delivery port. If there is an option under a charter party for the lessee to extend the charter, the Company will assess the likelihood of the charterer exercising the extension option at inception of the lease in order to determine the lease term. If the option period is not included in the initial lease term and the charterer declares such option, the Company will consider the declaration of an option as a lease modification. The Company will remeasure the total minimum lease payments from the date of declaration of the option, adjusted for any prepaid or accrued rent from the original contract, and recognize this on a straight line basis to the date of arrival at the re-delivery port. Under a time charter agreement, the Company is responsible for both the operation and maintenance of the vessel which would be considered to be a non-lease performance obligation. The Company has chosen to elect the practical expedient of ASC 842 to not separate the lease and non-lease components and instead combine these as a single performance obligation as the Company considers the lease component to be the predominant component of the contract, for which ASC 842 will be applied.
Trade Accounts Receivables	Trade Accounts Receivables Trade receivables are presented net of allowance for doubtful balances. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts.
Lease	Lease The Company assesses whether a contract contains a lease at inception of the contract. The assessment involves the exercise of judgement about whether it depends on a specified asset, whether the Company obtains substantially all the economic benefits from the use of that asset, and whether the Company has the right to direct the use of the asset. The Company does not separate lease components from non-lease components as lessee. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The standard provides practical expedients for an entity’s ongoing accounting. The Company has elected the short-term lease recognition exemption for leases that qualify, meaning that the Company does not recognize Right Of Use assets or lease liabilities for these leases where the Company is the lessee.
Interest Expense	Interest Expense Interest expenses are expensed as incurred except for interest expenses that are capitalized for qualifying assets that require a period of time to get them ready for their intended use. Interest expenses are capitalized until the qualifying asset is ready for use. The Company does not capitalize amounts beyond the actual interest expense incurred in the period. If the Company's financing plans associate a specific borrowing with a qualifying asset, the Company uses the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset that does not exceed the amount of that borrowing. If average accumulated expenditures for the asset exceed the amounts of specific new borrowings associated with the asset, the capitalization rate to be applied to such excess shall be a weighted average of the rates applicable to other borrowings of the Company.
Income Taxes	Income Taxes Income taxes are provided for based upon the tax laws and rates in effect in the countries in which the Company's ocean-going LNG carriers' operations were conducted and income was earned. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of the Company's assets and liabilities using the applicable jurisdictional tax in effect at the year end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized (Note 6). Recognition of uncertain tax positions is dependent upon whether it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the financial statements based on U.S. GAAP guidance. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.
Vessels, Impairment of Long-lived Assets, and Vessel Purchase Prepayments	Vessels Vessels are carried at historical cost less accumulated depreciation and impairment adjustments, if any. The depreciation on vessels is reviewed annually to ensure that the method and period used reflect the pattern in which the asset's future economic benefits are expected to be consumed. The gross carrying amount of the vessel is the purchase price, including duties/taxes, borrowing costs and any other direct costs attributable to bringing it to the location and condition necessary for the vessels intended use. Capitalization of costs will cease once the vessel is in the location and condition necessary for it to be able to operate in the manner consistent with its intended design. On delivery, the total acquisition costs of the vessel will be segregated to groups of components that have different expected useful lives. The different groups of components will be depreciated over their expected useful lives. Subsequent costs, such as repair and maintenance costs, are recognized in the income statement as incurred. Each vessel is required to be dry-docked every five years. The Company capitalizes costs associated with the dry-docking in accordance with ASC Topic 360 Property, Plant and Equipment and amortizes these costs on a straight-line basis over the period to the next expected dry-docking. Amortization of dry-docking costs is included in depreciation in the Income Statement. The Company has adopted the "built in overhaul" method for when a vessel is newly acquired, or constructed, whereby a proportion of the cost of the vessel is allocated to the components expected to be replaced at the next dry-docking based on the expected costs relating to the next dry-docking. Dry-docking costs are included within operating activities on the statement of cash flows. The cost of the vessel, less their estimated residual value, is depreciated on a straight-line basis over the asset's estimated useful economic life. The residual value for owned vessels is calculated by multiplying the lightweight tonnage of the vessel by the estimated scrap value per tonne. The cost of dry-dock is depreciated on a straight-line basis over the assets estimated useful life. The following useful lives have been used: Vessels: 35 years Dry-docking: 5 years Impairment of Long-lived Assets The carrying values of long-lived assets held and used by the Company are reviewed quarterly or whenever events or circumstances indicate that the carrying amount of an asset may no longer be recoverable. If such impairment indicators are present, the Company assesses The Company assesses recoverability of the carrying value of each asset or newbuilding on an individual basis by estimating the future net undiscounted cash flows expected to result from the asset, including eventual disposal. In developing estimates of future undiscounted cash flows, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry-docking requirements, residual values and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations. If the future net undiscounted cash flows are less than the carrying value of the asset, or the current carrying value plus future newbuilding commitments, an impairment loss is recorded equal to the difference between the asset's carrying value and fair value. In addition, long-lived assets to be disposed of are reported at the lower of carrying amount and fair value less estimated costs to sell. Vessel Purchase Prepayments Vessel purchase prepayments relate to amounts advanced under vessel purchase agreements or deposited as part of a pre-positioning of payments due on vessels and equipment, net, where title of the vessel does not transfer to the Company until the date of delivery.
Inventories	Inventories Inventories comprise principally of fuel and lubricating oils and are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents Cash includes cash in hand and in the Company's bank accounts. Cash equivalents are short-term liquid investments with original maturities of three months or less. Restricted Cash Restricted cash consists of cash, which may only be used for certain purposes and is held under a contractual arrangement. The cash is restricted by law for the Norwegian tax authorities in relation to social security tax and personal income tax of employees in the Company's subsidiary, Flex LNG Management AS, and is settled every second month.
Debt Issuance Costs	Debt Issuance Costs Direct incremental costs relating to obtaining a loan are deferred and amortized over the team of the loan using the effective interest rate method. Amortization of debt issuance costs is included under interest expense. The Company has recorded debt issuance costs as a direct reduction from the carrying amount of the related debt in the balance sheet.
Derivative Instruments	Derivative Instruments Our derivative instruments relate to interest-rate swaps, which are considered to be an economic hedge. However, these have not been designated as hedges for accounting purposes. These transactions involve the conversion of floating rates into fixed rates over the life of the transactions without an exchange of underlying principal. The fair value of the interest rate swap contracts are recognized as assets or liabilities. Changes in the fair value of these derivatives are recorded in gain/(loss) on derivatives in our consolidated statement of operations. Cash outflows and inflows resulting from economic derivative contracts are presented as cash flows from operations in the consolidated statement of cash flows.
Share-based Compensation	Share-based Compensation The Company accounts for share-based payments in accordance with ASC Topic 718 Compensation - Stock Compensation , under which the fair value of issued stock options is expensed over the period in which the options vest under the simplified method. Share-based compensation represents the cost of vested and non-vested shares and share options granted to employees and directors for their services, and are included in administrative expenses in the consolidated statements of operations. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized as compensation expense over the requisite service period.
Earnings Per Share	Earnings Per ShareBasic earnings per share ("EPS") are computed based on the income available to ordinary shareholders divided by the weighted average number of shares outstanding. Diluted EPS is computed by dividing the net income available to ordinary shareholders by the weighted average number of ordinary shares and dilutive ordinary share equivalents then outstanding. If in the period there is a loss, then any potential ordinary shares have been excluded from the calculation of diluted loss per share.
Treasury Shares	Treasury Shares When the Company repurchases its share capital, the amount of the consideration paid is recognized as a deduction from equity and classified as treasury shares, pending future use. If the Company acquires and retains treasury shares, the consideration paid is directly recognized in equity. The weighted average treasury shares reduce the number of shares outstanding used in calculating earnings per share and they have a dilutive effect on the diluted earnings per share.
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2020-04, “ Reference Rate Reform (Topic 848) ” (“ASU 2020-04”), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of the London Interbank Offered Rate ("LIBOR") as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. In addition, in January 2021, the FASB issued another ASU (ASU No. 2021-01) with respect to the Reference Rate Reform (Topic 848) . The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2022. As of December 31, 2021, the Company has not made any contract modification to replace the reference rate in any of its agreements and had evaluated that there was no impact to its consolidated financial statements. The Company has reviewed all other recent issued accounting pronouncements and has not identified other standards that would have a material impact on the Company's current accounting policies.

SIGNIFICANT SUBSIDIARIES (Table

SIGNIFICANT SUBSIDIARIES (Tables)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Significant Subsidiaries	As of December 31, 2021, the Company had the following significant subsidiaries: Company Country of registration Main operations Ownership share Voting share Flex LNG Chartering Limited United Kingdom Chartering services 100% 100% Flex LNG Management AS Norway Management services 100% 100% Flex LNG Bermuda Management Limited Bermuda Management services 100% 100% Flex LNG Management Limited Isle of Man Management services 100% 100% Flex LNG Fleet Limited Bermuda Holding company 100% 100% Flex LNG Endeavour Limited Marshall Islands Shipping 100% 100% Flex LNG Enterprise Limited Marshall Islands Shipping 100% 100% Flex LNG Ranger Limited Marshall Islands Shipping 100% 100% Flex LNG Rainbow Limited Marshall Islands Shipping 100% 100% Flex LNG Constellation Limited Marshall Islands Shipping 100% 100% Flex LNG Courageous Limited Marshall Islands Shipping 100% 100% Flex LNG Aurora Limited Marshall Islands Shipping 100% 100% Flex LNG Amber Limited Marshall Islands Shipping 100% 100% Flex LNG Resolute Limited Marshall Islands Shipping 100% 100% Flex LNG Reliance Limited Marshall Islands Shipping 100% 100% Flex Freedom Limited Marshall Islands Shipping 100% 100% Flex Vigilant Limited Marshall Islands Shipping 100% 100% Flex Volunteer Limited Marshall Islands Shipping 100% 100%

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following reflects the net income and share data used in the earnings per share calculation. (in thousands of $, except share data) 2021 2020 2019 Net income 162,205 8,105 16,967 Weighted average number of ordinary shares 53,319,408 54,099,504 54,106,171 Share options 20,884 174,689 141,000 Weighted average number of shares, adjusted for dilution 53,340,292 54,274,193 54,247,171 Earnings per share - Basic and diluted 3.04 0.15 0.31 Dividends declared per share 1.85 0.20 0.10

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The table below shows the components of income tax year ended December 31, 2021, 2020 and 2019: (in thousands of $) 2021 2020 2019 Current income tax expense (71) (89) (118) Adjustments in respect of current income tax of previous years (28) 5 (64) Income tax expense reported in the income statement (99) (84) (182)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation between the tax expense and the product of the accounting profit multiplied by the Bermuda domestic tax rate for the year ended December 31, 2021, 2020 and 2019 is as follows: (in thousands of $) 2021 2020 2019 Income before tax 162,304 8,189 17,149 Income tax at 0% (2020: 0% (2019: 0%)) — — — Effect of higher foreign tax rates (99) (84) (182) Income tax expense at effective rate of 0.1% (2020: 1.0% (2019: 1.1%)) (99) (84) (182)

VESSEL PURCHASE PREPAYMENTS (Ta

VESSEL PURCHASE PREPAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Equipment Prepayment Activity	(in thousands of $) 2021 2020 At January 1 289,600 349,472 Deposits to vessel purchase prepayments — 125,800 Transfers to vessels and equipment, net (289,600) (185,672) At December 31 — 289,600

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Vessels and Equipment, Net	The table below summarizes the vessels and equipment, net applicable to the Company: (in thousands of $) Vessels and equipment Dry-docking Total Cost At December 31, 2019 1,178,415 15,000 1,193,415 Additions (121) — (121) Newbuildings 741,147 10,000 751,147 At December 31, 2020 1,919,441 25,000 1,944,441 Additions 180 — 180 Newbuildings 547,849 7,500 555,349 At December 31, 2021 2,467,470 32,500 2,499,970 Accumulated depreciation At December 31, 2019 (42,211) (3,930) (46,141) Charge (38,159) (3,680) (41,839) At December 31, 2020 (80,370) (7,610) (87,980) Charge (63,553) (6,272) (69,825) At December 31, 2021 (143,923) (13,882) (157,805) Net book value At December 31, 2019 1,136,204 11,070 1,147,274 At December 31, 2020 1,839,071 17,390 1,856,461 At December 31, 2021 2,323,547 18,618 2,342,165

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	As of December 31, 2021 and 2020, other current assets within the Consolidated Balance Sheets is comprised of: (in thousands of $) 2021 2020 Trade accounts receivable, net 5,270 4,050 Accrued income 7,005 6,024 Prepaid expenses 2,487 11,344 Other receivables 2,278 3,643 Total other current assets 17,040 25,061

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of Other Current Liabilities	As of December 31, 2021 and 2020, other current liabilities within the Consolidated Balance Sheets is comprised of: (in thousands of $) 2021 2020 Accrued expenses (12,607) (14,013) Deferred charter revenue (26,873) (25,341) Other current liabilities (2,901) (57) Provisions (606) (836) Total other current liabilities (42,987) (40,247)

SHARE CAPITAL AND ADDITIONAL _2

SHARE CAPITAL AND ADDITIONAL PAID IN CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Stock by Class	(in thousands of $, except share data) Shares outstanding Share Capital Treasury shares Additional paid in capital Ordinary shares - issued and fully paid: At December 31, 2019 54,110,584 5,411 — 1,190,049 Shares repurchased (202,797) — (1,661) — Share-based payments — — — 284 At December 31, 2020 53,907,787 5,411 (1,661) 1,190,333 Shares repurchased (777,203) — (7,788) — Share-based payments — — — (1,273) At December 31, 2021 53,130,584 5,411 (9,449) 1,189,060

SHARE BASED PAYMENTS (Tables)

SHARE BASED PAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Unvested Options, Activity	As of December 31, 2021, the Company had the following share options outstanding: Assumptions used (1) Grant date Share options Initial Exercise Price ($) Vesting date Risk-free interest rate Expected Volatility April 2020 Tranche Apr-20 15,000 7.60 Apr-22 0.39 % 48.8 % April 2020 Tranche Apr-20 15,000 10.20 Apr-23 0.39 % 48.8 % August 2021 Tranche Aug-21 146,250 14.00 Sep-22 0.82 % 4.8 % August 2021 Tranche Aug-21 204,750 15.60 Sep-23 0.82 % 4.8 % August 2021 Tranche Aug-21 234,000 17.20 Sep-24 0.82 % 4.8 % Total 615,000 The following table summarizes the unvested option activity for the year ended December 31, 2021, 2020 and 2019: Number of non-vested options Number of vested options Weighted average exercise price per share ($) Weighted average remaining contractual term (years) Weighted average grant date fair value ($) At December 31, 2019 (1) 94,000 47,000 14.90 3.6 15.00 Granted during the year (2) 45,000 — 7.63 5.0 7.63 Exercised during the year (2) — — — 0.0 — Forfeited during the year (2) — — — 0.0 — Expired during the year (2) — — — 0.0 — Vested during the year (47,000) 47,000 — 0.0 15.00 At December 31, 2020 (1) 92,000 94,000 11.61 3.0 13.17 Granted during the year (2) 585,000 — 15.84 4.8 15.84 Exercised during the year (2) — (120,000) (11.78) 0.0 (13.15) Forfeited during the year (2) (12,000) (24,000) (16.12) 0.0 (17.05) Expired during the year (2) — — — 0.0 — Vested during the year (50,000) 50,000 — 0.0 11.54 At December 31, 2021 (1) 615,000 — 14.31 4.8 15.50 (1) The weighted average exercise price has been adjusted by the amount of all dividends declared by the Company in the period, from the date of grant until the date the option is exercised. (2) Numbers, years and per share amounts are stated as of the grant, exercise, forfeiture or expired date.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	Our interest rate swap contracts as of December 31, 2021 are summarized as follows: (in thousands of $) Notional principal Inception date Maturity date Fixed Interest Rate Receiving floating, pay fixed 50,000 June 2019 June 2024 2.15 % Receiving floating, pay fixed 50,000 June 2019 June 2024 2.15 % Receiving floating, pay fixed 75,000 June 2020 June 2025 1.39 % Receiving floating, pay fixed 50,000 July 2020 July 2025 1.38 % Receiving floating, pay fixed 25,000 July 2020 July 2025 1.38 % Receiving floating, pay fixed 75,000 July 2020 July 2025 1.43 % Receiving floating, pay fixed 46,875 August 2020 August 2025 0.35 % Receiving floating, pay fixed 23,438 August 2020 August 2025 0.35 % Receiving floating, pay fixed 35,000 September 2020 September 2025 1.03 % Receiving floating, pay fixed 25,000 September 2020 September 2025 1.22 % Receiving floating, pay fixed 25,000 September 2020 September 2025 1.22 % Receiving floating, pay fixed 25,000 September 2020 September 2025 0.37 % Receiving floating, pay fixed 47,500 October 2020 October 2025 0.41 % Receiving floating, pay fixed 25,000 September 2019 June 2024 1.38 % Receiving floating, pay fixed 25,000 September 2019 June 2024 1.40 % Receiving floating, pay fixed 50,000 June 2021 November 2025 0.74 % Receiving floating, pay fixed 25,000 March 2021 June 2024 0.35 %

SHORT-TERM AND LONG-TERM DEBT (

SHORT-TERM AND LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Short and long-term debt for the company as of December 31, 2021 and 2020, is detailed in the table below: (in thousands of $) 2021 2020 U.S. dollar denominated floating rate debt $250 Million Term Loan Facility 220,313 232,813 $50 million term loan under $100 Million Facility 44,080 46,711 Flex Rainbow Sale and Leaseback 131,906 139,781 $629 Million Term Loan Facility 613,512 513,200 Flex Amber Sale and Leaseback 147,712 156,400 Total U.S. dollar floating rate debt 1,157,523 1,088,905 U.S. dollar denominated fixed rate debt Hyundai Glovis Sale and Charterback 271,381 283,643 Flex Volunteer Sale and Leaseback 159,448 — Total U.S. dollar denominated fixed rate debt 430,829 283,643 U.S. dollar denominated revolving credit facilities $70 million revolving tranche under $100 Million Facility 64,080 46,711 Total U.S. dollar denominated revolving credit facilities 64,080 46,711 Total debt 1,652,432 1,419,259 Less Current portion of debt (85,879) (68,340) Long-term portion of debt issuance costs (14,606) (13,906) Long-term debt 1,551,947 1,337,013
Schedule of Capital Commitments	Capital commitments relating to our long-term debt obligations as of December 31, 2021 as detailed in the table below: (in thousands of $) 2022 85,879 2023 86,965 2024 363,354 2025 329,314 2026 79,716 Thereafter 707,204 Total 1,652,432

FAIR VALUE OF FINANCIAL ASSET_2

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Value and Carrying Value of Assets and Liabilities	The following table includes the estimated fair value and carrying value of those assets and liabilities. 2021 2021 2020 2020 (in thousands of $) Fair value hierarchy level Carrying value of asset (liability) Fair value Carrying value of asset (liability) Fair value asset Cash and cash equivalents Level 1 200,652 200,652 128,878 128,878 Restricted cash Level 1 518 518 84 84 Derivative instruments Level 2 5,862 5,862 109 109 Derivative instruments Level 2 (4,764) (4,764) (23,434) (23,434) Floating rate debt Level 2 (1,206,522) (1,221,603) (1,120,172) (1,135,616) Fixed rate debt Level 2 (426,897) (465,287) (281,307) (306,621)

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	A summary of receivables due from related parties as of December 31, 2021 and 2020 is as follows: (in thousands of $) 2021 2020 Seatankers Management Norway AS 18 — Frontline Ltd 162 135 Frontline Management AS 1 — Northern Ocean Limited 47 31 228 166 A summary of payables due to related parties as of December 31, 2021 and 2020 is as follows: (in thousands of $) 2021 2020 Frontline Management (Bermuda) Limited (85) (29) Frontline Corporate Services Ltd (30) (13) Frontline Management AS — (33) Flex LNG Fleet Management AS (232) (234) SFL Corporation Ltd (1) (2) Golden Ocean Management AS — (1) (348) (312) A summary of income and (expenses) recorded from related parties for the years ended December 31, 2021, 2020, and 2019 are as follows: (in thousands of $) 2021 2020 2019 Seatankers Management Co. Ltd (144) (312) (548) Seatankers Management Norway AS (59) (81) (84) Frontline Management (Bermuda) Limited (288) (122) (711) Frontline Ltd (2) 17 — Frontline Management AS (184) (154) (336) Flex LNG Fleet Management AS (3,235) (1,795) (223) SFL Corporation Ltd — (2) — FS Maritime SARL (337) (225) — Northern Ocean Limited 7 — — Golden Ocean Management AS (1) — — Front Ocean Management AS (55) — —

MINIMUM COMMITTED REVENUE (Tabl

MINIMUM COMMITTED REVENUE (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Committed Time Charter Revenues	The amounts below represent committed revenue rather than the actual value in cash due in the next year. Some of the hire relating to the committed revenue for January 2021 is invoiced in advance and is included in the accounts as deferred charter revenue. As of December 31, 2021, $5.3 million was unpaid and is included in trade accounts receivables. (in thousands of $) 2022 264,901 2023 234,265 2024 199,266 2025 75,105 2026 30,254 Thereafter 3,069 Total 806,860

GENERAL (Details)

GENERAL (Details)	12 Months Ended
	Dec. 31, 2021stoke_enginecarrier	Dec. 31, 2021carrierm_type	Dec. 31, 2021xd_fcarrier	Dec. 31, 2021carriermegi_frs	Dec. 31, 2021megi_prscarrier
Accounting Policies [Abstract]
Number of carriers in operation	13	13	13	13	13
Number of vessels	2	9	4	3	4

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2021customersegment	Dec. 31, 2020customer
Accounting Policies [Abstract]
Number of reportable segments | segment	1
Revenue, Major Customer [Line Items]
Number of customers	15	15
Number of top customers	4	3
Revenue Benchmark | Top Customers | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Customer revenue as a percentage of total revenue (percent)	66.10%	69.10%
Revenue Benchmark | Customer one | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Customer revenue as a percentage of total revenue (percent)	20.80%	28.60%
Revenue Benchmark | Customer two | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Customer revenue as a percentage of total revenue (percent)	16.60%	28.60%
Revenue Benchmark | Customer three | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Customer revenue as a percentage of total revenue (percent)	15.30%	11.90%
Revenue Benchmark | Customer four | Customer Concentration Risk
Revenue, Major Customer [Line Items]
Customer revenue as a percentage of total revenue (percent)	13.40%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Vessels (Details)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Dry-dock requirement	5 years
Vessels
Property, Plant and Equipment [Line Items]
Estimated useful life	35 years
Dry-docking
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

SIGNIFICANT SUBSIDIARIES - Sche

SIGNIFICANT SUBSIDIARIES - Schedule of Subsidiaries (Details)	Dec. 31, 2021
Flex LNG Chartering Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex LNG Management AS
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex LNG Bermuda Management Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex LNG Management Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex LNG Fleet Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex LNG Endeavour Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex LNG Enterprise Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex LNG Ranger Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex LNG Rainbow Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex LNG Constellation Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex LNG Courageous Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex LNG Aurora Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex LNG Amber Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex LNG Resolute Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex LNG Reliance Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex Freedom Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex Vigilant Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%
Flex Volunteer Limited
Subsidiary or Equity Method Investee [Line Items]
Ownership share	100.00%
Voting share	100.00%

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 162,205	$ 8,105	$ 16,967
Weighted average number of ordinary shares (in shares)	53,319,408	54,099,504	54,106,171
Share options (in shares)	20,884	174,689	141,000
Weighted average number of shares, adjusted for dilution (in shares)	53,340,292	54,274,193	54,247,171
Basic earnings per share (in dollars per share)	$ 3.04	$ 0.15	$ 0.31
Diluted earnings per share (in dollars per share)	3.04	0.15	0.31
Dividends declared (in dollars per share)	$ 1.85	$ 0.20	$ 0.10

INCOME TAX - Narrative (Details

INCOME TAX - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Transportation revenue (in percent)	50.00%
IRS
Operating Loss Carryforwards [Line Items]
Revenue tax	$ 0	$ 0	$ 0

INCOME TAX - Schedule of Compon

INCOME TAX - Schedule of Components of Income Tax Credit (Expense) Reported in Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current income tax expense	$ (71)	$ (89)	$ (118)
Adjustments in respect of current income tax of previous years	(28)	5	(64)
Income tax expense reported in the income statement	$ (99)	$ (84)	$ (182)

INCOME TAX - Effective Income T

INCOME TAX - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax rate (percent)	0.00%	0.00%	0.00%
Effective income tax rate (percent)	0.10%	1.00%	1.10%
Income before tax	$ 162,304	$ 8,189	$ 17,149
Income tax at 0% (2020: 0% (2019: 0%))	0	0	0
Effect of higher foreign tax rates	(99)	(84)	(182)
Income tax expense reported in the income statement	$ (99)	$ (84)	$ (182)

VESSEL PURCHASE PREPAYMENTS - S

VESSEL PURCHASE PREPAYMENTS - Schedule of Equipment Prepayment Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equipment Prepayment [Roll Forward]
At January 1	$ 289,600	$ 349,472
Deposits to vessel purchase prepayments	0	125,800
Transfers to vessels and equipment, net	(289,600)	(185,672)
At December 31	$ 0	$ 289,600

VESSEL PURCHASE PREPAYMENTS - N

VESSEL PURCHASE PREPAYMENTS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended			4 Months Ended	12 Months Ended
	May 31, 2021	Jan. 31, 2021	Dec. 31, 2020	Oct. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Transfer to vessels and equipment					$ 289,600	$ 185,672
Deposits to vessel purchase prepayments					$ 0	$ 125,800
Flex Aurora, Flex Artemis, Flex Resolute and Flex Amber
Property, Plant and Equipment [Line Items]
Transfer to vessels and equipment				$ (185,700)
Vessels and equipment | Flex Freedom
Property, Plant and Equipment [Line Items]
Transfer to vessels and equipment		$ 181,600
Deposits to vessel purchase prepayments			$ 125,800
Vessels and equipment | Flex Volunteer
Property, Plant and Equipment [Line Items]
Transfer to vessels and equipment		$ 54,000
Vessels and equipment | Flex Vigilant
Property, Plant and Equipment [Line Items]
Transfer to vessels and equipment	$ 54,000

VESSELS AND EQUIPMENT, NET - Sc

VESSELS AND EQUIPMENT, NET - Schedule of Vessels and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement in Property, Plant and Equipment [Roll Forward]
Additions	$ 180
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward]
Charge	(69,833)	$ (41,846)	$ (28,747)
Vessels and equipment, net book value	2,342,165	1,856,461
Vessels and equipment
Movement in Property, Plant and Equipment [Roll Forward]
Beginning balance, cost	1,944,441	1,193,415
Additions		(121)
Newbuildings	555,349	751,147
Ending balance, cost	2,499,970	1,944,441	1,193,415
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward]
Beginning balance	(87,980)	(46,141)
Charge	(69,825)	(41,839)
Ending balance	(157,805)	(87,980)	(46,141)
Vessels and equipment, net book value	2,342,165	1,856,461	1,147,274
Vessels and equipment
Movement in Property, Plant and Equipment [Roll Forward]
Beginning balance, cost	1,919,441	1,178,415
Additions	180	(121)
Newbuildings	547,849	741,147
Ending balance, cost	2,467,470	1,919,441	1,178,415
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward]
Beginning balance	(80,370)	(42,211)
Charge	(63,553)	(38,159)
Ending balance	(143,923)	(80,370)	(42,211)
Vessels and equipment, net book value	2,323,547	1,839,071	1,136,204
Dry-docking
Movement in Property, Plant and Equipment [Roll Forward]
Beginning balance, cost	25,000	15,000
Additions	0	0
Newbuildings	7,500	10,000
Ending balance, cost	32,500	25,000	15,000
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward]
Beginning balance	(7,610)	(3,930)
Charge	(6,272)	(3,680)
Ending balance	(13,882)	(7,610)	(3,930)
Vessels and equipment, net book value	$ 18,618	$ 17,390	$ 11,070

VESSELS AND EQUIPMENT, NET - Na

VESSELS AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Vessels and equipment, net	$ 2,342,165	$ 1,856,461
Vessels and equipment
Property, Plant and Equipment [Line Items]
Vessels and equipment, net	2,323,547	1,839,071	$ 1,136,204
Collateral Pledged
Property, Plant and Equipment [Line Items]
Vessels and equipment, net	2,342,200	$ 1,856,500
Flex Rainbow, Flex Enterprise, And Flex Endeavour | Vessels and equipment
Property, Plant and Equipment [Line Items]
Vessels and equipment, net	$ 903,200

OTHER CURRENT ASSETS - Schedule

OTHER CURRENT ASSETS - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Trade accounts receivable, net	$ 5,270	$ 4,050
Accrued income	7,005	6,024
Prepaid expenses	2,487	11,344
Other receivables	2,278	3,643
Total other current assets	$ 17,040	$ 25,061

OTHER CURRENT ASSETS - Narrativ

OTHER CURRENT ASSETS - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Allowance for doubtful accounts	$ 0	$ 0

OTHER CURRENT LIABILITIES - Rec

OTHER CURRENT LIABILITIES - Reconciliation of other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued expenses	$ (12,607)	$ (14,013)
Deferred charter revenue	(26,873)	(25,341)
Other current liabilities	(2,901)	(57)
Provisions	(606)	(836)
Total other current liabilities	$ (42,987)	$ (40,247)

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Restricted cash	$ 518	$ 84

SHARE CAPITAL AND ADDITIONAL _3

SHARE CAPITAL AND ADDITIONAL PAID IN CAPITAL - Schedule of Shares Issued (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	54,110,584
Balance at beginning of year	$ 835,175	$ 839,265
Ending balance (in shares)	54,110,584	54,110,584
Balance at end of year	$ 889,387	$ 835,175	$ 839,265
Share capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	53,907,787	54,110,584
Balance at beginning of year	$ 5,411	$ 5,411	$ 5,410
Shares repurchased (in shares)	(777,203)	(202,797)	0
Ending balance (in shares)	53,130,584	53,907,787	54,110,584
Balance at end of year	$ 5,411	$ 5,411	$ 5,411
Treasury shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of year	(1,661)	0	0
Shares repurchased	(7,788)	(1,661)	0
Balance at end of year	(9,449)	(1,661)	0
Additional paid in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of year	1,190,333	1,190,049	1,189,665
Shares repurchased	0	0
Share-based payments	(1,273)	284	259
Balance at end of year	$ 1,189,060	$ 1,190,333	$ 1,190,049

SHARE CAPITAL AND ADDITIONAL _4

SHARE CAPITAL AND ADDITIONAL PAID IN CAPITAL - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Nov. 30, 2021$ / sharesshares	Nov. 30, 2021kr / sharesshares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Nov. 19, 2020$ / sharesshares
Class of Stock [Line Items]
Additional paid in capital | $	$ 1,189,060			$ 1,190,333
Additional paid in capital
Class of Stock [Line Items]
Share-based payments | $	$ (1,273)			$ 284	$ 259
Share buy-back program
Class of Stock [Line Items]
Number of shares authorized to be repurchased | shares						4,110,584
Purchase price per share (in dollars per share) | $ / shares						$ 10
Treasury shares (in shares) | shares		980,000	980,000
Proportion of shares in aggregate (in percent)		1.80%	1.80%
Treasury stock (in NOK and USD per share) | (per share)		$ 9.64	kr 83.13

SHARE BASED PAYMENTS - Summary

SHARE BASED PAYMENTS - Summary of Shares Outstanding (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share options	615,000
7.6
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share options	15,000
Initial Exercise Price ($) | $ / shares	$ 7.60
Risk-free interest rate	0.39%
Expected Volatility	48.80%
10.2
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share options	15,000
Initial Exercise Price ($) | $ / shares	$ 10.20
Risk-free interest rate	0.39%
Expected Volatility	48.80%
14
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share options	146,250
Initial Exercise Price ($) | $ / shares	$ 14
Risk-free interest rate	0.82%
Expected Volatility	4.80%
15.6
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share options	204,750
Initial Exercise Price ($) | $ / shares	$ 15.60
Risk-free interest rate	0.82%
Expected Volatility	4.80%
17.2
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share options	234,000
Initial Exercise Price ($) | $ / shares	$ 17.20
Risk-free interest rate	0.82%
Expected Volatility	4.80%

SHARE BASED PAYMENTS - Narrativ

SHARE BASED PAYMENTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 17, 2021	Apr. 02, 2020	Sep. 07, 2018	Nov. 30, 2021	Apr. 30, 2020	Nov. 30, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield (percentage)						0.00%
Options granted, weighted average grant date fair value (in dollars per share)							$ 15.84	$ 7.63
Dividends declared (in dollars per share)							1.85	0.20	$ 0.10
Granted during the year (in dollars per share)	$ 22.78						$ 15.84	$ 7.63
Compensation expense not yet recognized							$ 600	$ 200	$ 700
Additional paid in capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payments							(1,273)	284	259
September 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised (in shares)				105,000
Options granted, weighted average grant date fair value (in dollars per share)			$ 14.30
Options granted, weighted average grant date fair value, adjusted (in dollars per share)			$ 12.90
Dividends declared (in dollars per share)				$ 1.40
April 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised (in shares)				15,000
Options granted, weighted average grant date fair value (in dollars per share)					$ 5.10
Options granted, weighted average grant date fair value, adjusted (in dollars per share)		$ 3.90
Dividends declared (in dollars per share)				$ 1.20
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense							$ 0	$ 300	$ 200

SHARE BASED PAYMENTS - Unvested

SHARE BASED PAYMENTS - Unvested Option Activity (Details) - $ / shares	Nov. 17, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2021	Dec. 31, 2020
Number of non-vested options
Number of non-vested options, beginning of period (in shares)					92,000	94,000
Granted during the year (in shares)					585,000	45,000
Converted during the year (in shares)					0	0
Forfeited during the year (in shares)					(12,000)	0
Expired during the year (in shares)					0	0
Number of vested options (in shares)					(50,000)	(47,000)
Number of non-vested options, end of period (in shares)		92,000	94,000			92,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Number of vested options, beginning of period (in shares)					94,000	47,000
Number of vested options, exercised during the year (in shares)					(120,000)
Number of vested options, forfeited during the year (in shares)					(24,000)
Number of vested options (in shares)					50,000	47,000
Number of vested options, ending of period (in shares)		94,000	47,000		0	94,000
Weighted average exercise price per share ($)
Number of non-vested options (in dollars per share)		$ 11.61	$ 14.90		$ 14.31	$ 11.61
Granted during the year (in dollars per share)	$ 22.78				15.84	7.63
Converted during the year (in dollars per share)					(11.78)	0
Forfeited during the year (in dollars per share)					(16.12)	0
Expired during the year (in dollars per share)					0	0
Vested during the year (in dollars per share)					$ 0	$ 0
Weighted average remaining contractual term (years)
Weighted average remaining contractual term		4 years 9 months 18 days	3 years	3 years 7 months 6 days
Weighted average remaining contractual term for options granted during period					4 years 9 months 18 days	5 years
Weighted average grant date fair value ($)
Weighted average grant date fair value (in dollars per share)		$ 13.17	$ 15		$ 15.50	$ 13.17
Weighted average grant date fair value, options granted in period (in dollars per share)					15.84	7.63
Weighted average grant date fair value, options converted in period (in dollars per share)					(13.15)	0
Weighted average grant date fair value, options forfeited in period (in dollars per share)					(17.05)	0
Weighted average grant date fair value, options expired in period (in dollars per share)					0	0
Weighted average grant date fair value, options vested in period (in dollars per share)					$ 11.54	$ 15

FINANCIAL INSTRUMENTS - Narrati

FINANCIAL INSTRUMENTS - Narrative (Details) - Interest rate swap $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)interest_rate_swap_transaction	Dec. 31, 2020USD ($)interest_rate_swap_transaction	Dec. 31, 2019USD ($)
Derivative [Line Items]
Number of interest rate swap transactions (in interest rate swap transactions) | interest_rate_swap_transaction	17	18
Notional principal	$ 677.8	$ 759.1
Derivative asset	5.9	0.1
Derivative liability	4.8	23.4
Unrealized gain (loss) on derivatives	$ 18.4	$ (25.2)	$ (1.6)

FINANCIAL INSTRUMENTS - Schedul

FINANCIAL INSTRUMENTS - Schedule of Derivative Notional Amounts (Details) $ in Thousands	Dec. 31, 2021USD ($)
Derivative Instrument 2.15% Fixed Rate
Derivative [Line Items]
Notional principal	$ 50,000
Fixed Interest Rate	2.15%
Derivative Instrument 2.15% Fixed Rate
Derivative [Line Items]
Notional principal	$ 50,000
Fixed Interest Rate	2.15%
Derivative Instrument 1.38% Fixed Rate
Derivative [Line Items]
Notional principal	$ 75,000
Fixed Interest Rate	1.39%
Derivative Instrument 1.40% Fixed Rate
Derivative [Line Items]
Notional principal	$ 50,000
Fixed Interest Rate	1.38%
Derivative Instrument 1.39% Fixed Rate
Derivative [Line Items]
Notional principal	$ 25,000
Fixed Interest Rate	1.38%
Derivative Instrument 1.38% Fixed Rate
Derivative [Line Items]
Notional principal	$ 75,000
Fixed Interest Rate	1.43%
Derivative Instrument 1.38% Fixed Rate
Derivative [Line Items]
Notional principal	$ 46,875
Fixed Interest Rate	0.35%
Derivative Instrument 1.43% Fixed Rate
Derivative [Line Items]
Notional principal	$ 23,438
Fixed Interest Rate	0.35%
Derivative Instrument 0.35% Fixed Rate
Derivative [Line Items]
Notional principal	$ 35,000
Fixed Interest Rate	1.03%
Derivative Instrument 0.35% Fixed Rate
Derivative [Line Items]
Notional principal	$ 25,000
Fixed Interest Rate	1.22%
Derivative Instrument 1.03% Fixed Rate
Derivative [Line Items]
Notional principal	$ 25,000
Fixed Interest Rate	1.22%
Derivative Instrument 1.22% Fixed Rate
Derivative [Line Items]
Notional principal	$ 25,000
Fixed Interest Rate	0.37%
Derivative Instrument 1.22% Fixed Rate
Derivative [Line Items]
Notional principal	$ 47,500
Fixed Interest Rate	0.41%
Derivative Instrument 0.37% Fixed Rate
Derivative [Line Items]
Notional principal	$ 25,000
Fixed Interest Rate	1.38%
Derivative Instrument 0.41% Fixed Rate
Derivative [Line Items]
Notional principal	$ 25,000
Fixed Interest Rate	1.40%
Derivative Instrument 0.45% Fixed Rate
Derivative [Line Items]
Notional principal	$ 50,000
Fixed Interest Rate	0.74%
Derivative Instrument 0.45% Fixed Rate
Derivative [Line Items]
Notional principal	$ 25,000
Fixed Interest Rate	0.35%

SHORT-TERM AND LONG-TERM DEBT -

SHORT-TERM AND LONG-TERM DEBT - Components (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Feb. 29, 2020	Jul. 31, 2019
Debt Instrument [Line Items]
Total debt	$ 1,652,432,000		$ 1,419,259,000
Current portion of debt	(85,879,000)		(68,340,000)
Long-term portion of debt issuance costs	(14,606,000)		(13,906,000)
Long-term debt	1,551,947,000		1,337,013,000
$100 million Secured Term Loan and Revolving Credit Facility
Debt Instrument [Line Items]
Face amount					$ 100,000,000
$629 Million Term Loan Facility
Debt Instrument [Line Items]
Face amount				$ 629,000,000
Floating rate debt
Debt Instrument [Line Items]
Total debt	1,157,523,000		1,088,905,000
Floating rate debt | $250 Million Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000,000
Total debt	220,313,000		232,813,000
Floating rate debt | $100 million Secured Term Loan and Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	100,000,000	$ 100,000,000
Floating rate debt | $50 million term loan under $100 Million Facility
Debt Instrument [Line Items]
Total debt	44,080,000		46,711,000
Floating rate debt | Flex Rainbow Sale and Leaseback
Debt Instrument [Line Items]
Total debt	131,906,000		139,781,000
Floating rate debt | $629 Million Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	629,000,000
Total debt	613,512,000		513,200,000
Floating rate debt | Flex Amber Sale and Leaseback
Debt Instrument [Line Items]
Total debt	147,712,000		156,400,000
Fix Rate Debt
Debt Instrument [Line Items]
Total debt	430,829,000		283,643,000
Fix Rate Debt | Hyundai Glovis Sale and Charterback
Debt Instrument [Line Items]
Total debt	271,381,000		283,643,000
Fix Rate Debt | Flex Volunteer Sale
Debt Instrument [Line Items]
Total debt	159,448,000		0
Line of Credit
Debt Instrument [Line Items]
Total debt	64,080,000		46,711,000
Line of Credit | $50 million term loan under $100 Million Facility
Debt Instrument [Line Items]
Face amount	50,000,000
Line of Credit | $70 Million Revolving Credit Facility
Debt Instrument [Line Items]
Face amount	70,000,000
Total debt	$ 64,080,000		$ 46,711,000

SHORT-TERM AND LONG-TERM DEBT_2

SHORT-TERM AND LONG-TERM DEBT - Capital Commitments (Details) $ in Thousands	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
2022	$ 85,879
2023	86,965
2024	363,354
2025	329,314
2026	79,716
Thereafter	707,204
Total	$ 1,652,432

SHORT-TERM AND LONG-TERM DEBT_3

SHORT-TERM AND LONG-TERM DEBT - Narrative (Details)

Jul. 19, 2019USD ($)

Mar. 31, 2021USD ($)

Jun. 30, 2020USD ($)subsidiary

Feb. 29, 2020USD ($)buildingsubsidiary

Jul. 31, 2019USD ($)vessel

Apr. 30, 2019USD ($)vessel

Jul. 31, 2018USD ($)

Dec. 31, 2021USD ($)

Jun. 30, 2021USD ($)

May 31, 2021USD ($)

Dec. 31, 2020USD ($)

Jul. 31, 2020USD ($)

Aug. 30, 2019USD ($)

Jun. 30, 2019USD ($)

Debt Instrument [Line Items]

Long-term debt, outstanding balance

$ 1,652,432,000

Flex Aurora

Debt Instrument [Line Items]

Purchase obligation

$ 125,800,000

Flex Artemis

Debt Instrument [Line Items]

Purchase obligation

135,800,000

Flex Resolute

Debt Instrument [Line Items]

Purchase obligation

125,800,000

Flex Freedom

Debt Instrument [Line Items]

Purchase obligation

125,800,000

Flex Vigilant Limited

Debt Instrument [Line Items]

Purchase obligation

$ 123,300,000

Flex Volunteer Limited

Debt Instrument [Line Items]

Purchase obligation

$ 100,000,000

Minimum

Debt Instrument [Line Items]

Book equity ratio

0.25

Maximum

Debt Instrument [Line Items]

Book equity ratio

1

LIBOR

Debt Instrument [Line Items]

Increase in limit

$ 20,000,000

Loan Covenant

Debt Instrument [Line Items]

Face amount

$ 25,000,000

Term

6 months

Loan covenant (in percent)

5.00%

$250 million Secured Term Loan Facility | Secured Debt

Debt Instrument [Line Items]

Face amount

$ 250,000,000

Number of vessel owning subsidiaries | vessel

2

Debt outstanding

$ 125,000,000

$ 125,000,000

Term

5 years

Long-term debt, outstanding balance

$ 219,200,000

230,900,000

$250 million Secured Term Loan Facility | Secured Debt | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

2.35%

$100 million Secured Term Loan and Revolving Credit Facility

Debt Instrument [Line Items]

Face amount

$ 100,000,000

Term

5 years

$100 million Secured Term Loan and Revolving Credit Facility | Revolving credit facility

Debt Instrument [Line Items]

Face amount

$ 50,000,000

Credit facility, outstanding balance

108,100,000

93,300,000

$100 million Secured Term Loan and Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

2.25%

2.25%

Increase in limit

$ 20,000,000

$100 million Secured Term Loan and Revolving Credit Facility | Secured Debt

Debt Instrument [Line Items]

Face amount

$ 50,000,000

Number of vessel owning subsidiaries | vessel

1

$315 Million Term Loan Facility

Debt Instrument [Line Items]

Face amount

$ 315,000,000

$315 Million Term Loan Facility | Secured Debt

Debt Instrument [Line Items]

Face amount

$ 315,000,000

Prepaid amount

$ 99,800,000

$629 Million Term Loan Facility

Debt Instrument [Line Items]

Face amount

$ 629,000,000

Number of vessel owning subsidiaries | subsidiary

5

Number of buildings under financing | building

5

$629 Million Term Loan Facility | Secured Debt

Debt Instrument [Line Items]

Long-term debt, outstanding balance

602,100,000

502,800,000

$629 Million Term Loan Facility | Commercial Loan

Debt Instrument [Line Items]

Face amount

$ 250,000,000

$ 10,000,000

Term

5 years

$629 Million Term Loan Facility | Commercial Loan | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

2.35%

$629 Million Term Loan Facility | Guaranteed Loan

Debt Instrument [Line Items]

Face amount

$ 189,100,000

Term

6 years

$629 Million Term Loan Facility | Guaranteed Loan | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

1.20%

$629 Million Term Loan Facility | Direct Loan

Debt Instrument [Line Items]

Face amount

$ 189,900,000

Term

12 years

$629 Million Term Loan Facility | Direct Loan | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

2.25%

$629 Million Term Loan Facility | Accordion Option | Maximum

Debt Instrument [Line Items]

Face amount

$ 10,000,000

$125 Million Facility

Debt Instrument [Line Items]

Face amount

$ 125,000,000

$ 125,000,000

Basis spread on variable rate (percent)

2.85%

$125 Million Facility | Revolving credit facility

Debt Instrument [Line Items]

Face amount

$ 25,000,000

$125 Million Facility | Secured Debt

Debt Instrument [Line Items]

Long-term debt, outstanding balance

120,300,000

$125 Million Facility | Guaranteed Loan

Debt Instrument [Line Items]

Term

5 years

$125 Million Facility | Term loan

Debt Instrument [Line Items]

Face amount

$ 100,000,000

Flex Rainbow Sale and Leaseback

Debt Instrument [Line Items]

Lease period

10 years

Gross price

$ 210,000,000

Advance for hire

$ 52,500,000

Net balance under the sale and leaseback agreement

131,100,000

138,800,000

Flex Rainbow Sale and Leaseback | LIBOR

Debt Instrument [Line Items]

Interest rate (percent)

3.50%

Hyundai Glovis Sale and Charterback

Debt Instrument [Line Items]

Number of vessel owning subsidiaries | vessel

2

Sale price

$ 210,000,000

Consideration transferred

150,000,000

Credits

$ 60,000,000

Charter period

10 years

Sale back consideration

$ 75,000,000

Net outstanding balance under the sale and charterback lease agreement

269,500,000

281,300,000

Flex Amber Sale and Leaseback

Debt Instrument [Line Items]

Number of vessel owning subsidiaries | subsidiary

1

Basis spread on variable rate (percent)

3.20%

Sale and Leaseback Agreement, Sale Price

$ 206,500,000

Sale and Leaseback Agreement, Consideration Transferred

156,400,000

Sale and Leaseback Agreement, Advance Hire Adjustment

$ 50,100,000

Sale and Leaseback Agreement, Charter Period

10 years

Sale and leaseback agreement, lease period

10 years

Sale and Leaseback Agreed Purchase Price

$ 69,500,000

Net outstanding balance under the sale and leaseback lease agreement

$ 146,000,000

$ 154,400,000

Flex Volunteer Sale and Leaseback

Debt Instrument [Line Items]

Number of vessel owning subsidiaries | subsidiary

1

Term

10 years

Sale and Leaseback Agreement, Sale Price

215,000,000

Sale and Leaseback Agreement, Consideration Transferred

$ 80,000,000

$ 160,000,000

Sale and Leaseback Agreement, Charterers' Down Payment

55,000,000

Sale and Leaseback Agreement, Prepaid Outstanding Balance

120,300,000

Sale and Leaseback Agreement, Remaining Balance After Fees and Expenses

37,700,000

Net outstanding balance under the sale and leaseback lease agreement

$ 157,400,000

Flex Volunteer Limited

Debt Instrument [Line Items]

Number of vessel owning subsidiaries | subsidiary

1

FAIR VALUE OF FINANCIAL ASSET_3

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES - Schedule of Estimated Fair Value and Carrying Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying value of asset (liability) | Level 1
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Cash and cash equivalents	$ 200,652	$ 128,878
Restricted Cash	518	84
Carrying value of asset (liability) | Level 2
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Derivative instruments	5,862	109
Derivative instruments	(4,764)	(23,434)
Carrying value of asset (liability) | Level 2 | Floating rate debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Long-term debt	(1,206,522)	(1,120,172)
Carrying value of asset (liability) | Level 2 | Fixed rate debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Long-term debt	(426,897)	(281,307)
Fair value asset (liability) | Level 1
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Cash and cash equivalents	200,652	128,878
Restricted Cash	518	84
Fair value asset (liability) | Level 2
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Derivative instruments	5,862	109
Derivative instruments	(4,764)	(23,434)
Fair value asset (liability) | Level 2 | Floating rate debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Long-term debt	(1,221,603)	(1,135,616)
Fair value asset (liability) | Level 2 | Fixed rate debt
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Long-term debt	$ (465,287)	$ (306,621)

RELATED PARTY TRANSACTIONS - Re

RELATED PARTY TRANSACTIONS - Related Party Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Due from related parties	$ 228	$ 166
Affiliate
Related Party Transaction [Line Items]
Due to related parties	(348)	(312)
Affiliate | Seatankers Management Norway AS
Related Party Transaction [Line Items]
Due from related parties	18	0
Affiliate | Frontline Ltd
Related Party Transaction [Line Items]
Due from related parties	162	135
Affiliate | Frontline Management (Bermuda) Limited
Related Party Transaction [Line Items]
Due to related parties	(85)	(29)
Affiliate | Frontline Corporate Services Ltd
Related Party Transaction [Line Items]
Due to related parties	(30)	(13)
Affiliate | Frontline Management AS
Related Party Transaction [Line Items]
Due from related parties	1	0
Due to related parties	0	(33)
Affiliate | Flex LNG Fleet Management AS
Related Party Transaction [Line Items]
Due to related parties	(232)	(234)
Affiliate | SFL Corporation Ltd
Related Party Transaction [Line Items]
Due to related parties	(1)	(2)
Affiliate | Northern Ocean Limited
Related Party Transaction [Line Items]
Due from related parties	47	31
Affiliate | Golden Ocean Management AS
Related Party Transaction [Line Items]
Due to related parties	$ 0	$ (1)

RELATED PARTY TRANSACTIONS - Tr

RELATED PARTY TRANSACTIONS - Transactions with Other Affiliates of Geveran (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Frontline Management AS
Related Party Transaction [Line Items]
Related party expenses	$ (500)	$ (300)	$ (1,000)
Front Ocean Management AS
Related Party Transaction [Line Items]
Related party expenses	(100)
Affiliate | Seatankers Management Co. Ltd
Related Party Transaction [Line Items]
Related party expenses	(144)	(312)	(548)
Affiliate | Seatankers Management Norway AS
Related Party Transaction [Line Items]
Related party expenses	(59)	(81)	(84)
Affiliate | Frontline Management (Bermuda) Limited
Related Party Transaction [Line Items]
Related party expenses	(288)	(122)	(711)
Affiliate | Frontline Ltd
Related Party Transaction [Line Items]
Related party revenue	(2)	17	0
Affiliate | Frontline Management AS
Related Party Transaction [Line Items]
Related party expenses	(184)	(154)	(336)
Affiliate | Flex LNG Fleet Management AS
Related Party Transaction [Line Items]
Related party expenses	(3,235)	(1,795)	(223)
Affiliate | SFL Corporation Ltd
Related Party Transaction [Line Items]
Related party expenses	0	(2)	0
Affiliate | FS Maritime SARL
Related Party Transaction [Line Items]
Related party expenses	(337)	(225)	0
Affiliate | Northern Ocean Limited
Related Party Transaction [Line Items]
Related party expenses	7	0	0
Affiliate | Golden Ocean Management AS
Related Party Transaction [Line Items]
Related party expenses	$ (1)	0	0
Affiliate | Front Ocean Management AS
Related Party Transaction [Line Items]
Related party expenses		$ 0	$ 0

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021CHF (SFr)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Front Ocean Management AS
Related Party Transaction [Line Items]
Related party transactions, costs	$ 55
Flex Constellation and Flex Courageous
Related Party Transaction [Line Items]
Related party transactions, costs				$ 190,300
Flex Aurora, Flex Artemis, Flex Resolute and Flex Amber
Related Party Transaction [Line Items]
Related party transactions, costs			$ 557,700
Flex Vigilant Limited
Related Party Transaction [Line Items]
Related party transactions, costs	385,600
Front Ocean Management AS
Related Party Transaction [Line Items]
Related party transactions, costs	100
Front Ocean Management AS | Affiliate
Related Party Transaction [Line Items]
Related party transactions, costs			0	0
Frontline Management AS
Related Party Transaction [Line Items]
Related party transactions, costs	500		300	1,000
Frontline Management AS | Affiliate
Related Party Transaction [Line Items]
Related party transactions, costs	184		154	336
Seatankers Management Co. Ltd | Affiliate
Related Party Transaction [Line Items]
Related party transactions, costs	144		312	548
Seatankers Management Co. Ltd | Advisory and support services | Affiliate
Related Party Transaction [Line Items]
Related party transactions, costs	100		300	500
Flex LNG Fleet Management AS | Affiliate
Related Party Transaction [Line Items]
Related party transactions, costs	3,235		1,795	223
Flex LNG Fleet Management AS | Technical management and support services | Affiliate
Related Party Transaction [Line Items]
Related party transactions, costs	3,200		1,800	$ 200
Flex LNG Fleet Management AS | Consultancy services | Affiliate
Related Party Transaction [Line Items]
Related party transactions, costs	$ 300		$ 200
Related party transaction, maximum annual consulting fee | SFr		SFr 437,995

MINIMUM COMMITTED REVENUE - Nar

MINIMUM COMMITTED REVENUE - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred charter revenue included in trade accounts receivables	$ 5,270	$ 4,050
Deferred charter revenue
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred charter revenue included in trade accounts receivables	$ 5,300

MINIMUM COMMITTED REVENUE - Com

MINIMUM COMMITTED REVENUE - Committed Time Charter Revenues (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 264,901
2023	234,265
2024	199,266
2025	75,105
2026	30,254
Thereafter	3,069
Total	$ 806,860

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	1 Months Ended
	Feb. 28, 2022USD ($)agreementsderivative_instrument	Feb. 06, 2022$ / shares	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Interest rate swap
Subsequent Event [Line Items]
Notional principal			$ 677,800,000	$ 759,100,000
Subsequent event
Subsequent Event [Line Items]
Dividends per share (USD per share) | $ / shares		$ 0.75
Subsequent event | Interest rate swap
Subsequent Event [Line Items]
Number of interest rate swap agreements | derivative_instrument	3
Term of swaps	10 years
Weighted average interest rate (percent)	1.70%
Notional principal	$ 200,000,000
Subsequent event | 320 Million Sale and Leaseback
Subsequent Event [Line Items]
Age adjusted term	20 years
Basis spread on variable rate (percent)	2.50%
Gross price	$ 320,000,000
Number of separate Sale and bareboat agreements | agreements	2
Sale and leaseback, consideration paid	$ 160,000,000
Sale and leaseback agreement, lease period	10 years
Sale leaseback transaction, repurchase period	3 years
Sale and leaseback agreement, option to repurchase vessel	$ 66,500,000
Subsequent event | 375 Million Facility
Subsequent Event [Line Items]
Non-amortizing revolving credit facility	$ 375,000,000
Age adjusted term	22 years
Basis spread on variable rate (percent)	2.10%
Subsequent event | 375 Million Facility | Accordion Option
Subsequent Event [Line Items]
Non-amortizing revolving credit facility	$ 125,000,000
Subsequent event | 375 Million Facility | Accordion Option | Maximum
Subsequent Event [Line Items]
Period in which company may elect accordion feature	36 months
Subsequent event | $125 Million Term Loan Facility
Subsequent Event [Line Items]
Term	6 years
Subsequent event | $125 Million Term Loan Facility | Secured Debt
Subsequent Event [Line Items]
Non-amortizing revolving credit facility	$ 125,000,000
Subsequent event | $250 Revolving Credit Facility | Revolving credit facility
Subsequent Event [Line Items]
Non-amortizing revolving credit facility	$ 250,000,000